Evercore acquires ABS Investment Management, LLC
The deal at a glance
Evercore acquired ABS Investment Management, LLC for Cash purchase price of $45,104 thousand for a 45% non-controlling interest, subject to post-closing adjustments, a transaction completed in December 2011, structured as all cash (45% non-controlling interest).
ABS Investment Management, LLC operates in Investment Management - Institutional Asset Management, is based in Connecticut, United States. Connecticut-based, institutionally focused equity long/short hedge fund-of-funds manager. Evercore acquired a 45% non-controlling interest; the remaining 55% is owned by ABS's founders and employees. Accounted for as an equity-method investment.
On December 29, 2011, the Company completed its acquisition of a 45% non-controlling interest in ABS, a Connecticut based institutionally focused hedge fund-of-funds manager, for a cash purchase price of $45,104, subject to certain adjustments after the closing.
Institutionally focused hedge fund-of-funds platform to broaden Evercore's Investment Management offerings. Expanded Evercore's Institutional Asset Management product set; held as an equity-method investment governed by a five-member management committee with two Evercore designees. Held as ABS within Evercore's Institutional Asset Management (equity-method investment)
No advisory firms have been disclosed for this transaction.