Simsbury private equity and real estate company Landmark Partners said it has agreed to sell a majority stake in its company to a London asset manager for $240 million.
OM Asset Management is paying cash to acquire a 60 percent interest in Landmark, whose management team will retain a 40 percent stake.
There is potential for OMAM to make an additional payment to Landmark based on the growth of the business through 2018, the company said in a statement.
The deal is expected to close by Aug. 31.
Francisco L. Borges, chairman and CEO at Landmark Partners, said OMAM provides strategic and operational benefits to Landmark, including global distribution capability and new product development. OMAM is a global, multi-boutique asset management company with $218 billion of assets under management as of March 31, 2016.
OMAM, which also has a presence in Boston, said in a statement Landmark was acquired because of its management team’s depth and 30 years of experience and the firm’s dominant position in the secondary private equity, real estate and real asset space. Landmark has completed over 500 transactions with committed capital of $15.5 billion since its founding in 1989.
Landmark, which employs 89 people, is headquartered in Simsbury, and has offices in Boston, Mass., New York, NY, and London, England.
Goldman, Sachs & Co. acted as the exclusive financial advisor to Landmark on this transaction. Ropes & Gray LLP acted as legal advisor on the transaction.
