Affiliated Managers Group acquired First Asset Management (six Canadian firms) for approximately US$250 million, a transaction completed in July 2005, structured as cash.
First Asset Management (six Canadian firms) operates in Canadian value/growth equity & fixed income, is based in Toronto, Montreal & Vancouver, Canada, had revenue of about ~US$23 billion AUM (six firms). AMG agreed to acquire equity interests in six leading mid-sized Canadian asset managers through the acquisition of First Asset Management Inc. for approximately US$250 million. The six firms - Foyston, Gordon & Payne; Beutel, Goodman & Company; Montrusco Bolton Investments; Deans Knight Capital Management; Triax Capital; and Covington Capital - collectively managed about US$23 billion across roughly 100 products for institutional and high-net-worth clients in Toronto, Montreal and Vancouver.
A single transaction establishing a diversified Canadian platform of independent boutiques, extending AMG's multi-affiliate model into a new geography.
Advisory firms were not disclosed for this transaction.