Evanston Capital Management Buys Out TA Associates Stake
Hedge fund investor Evanston Capital Management's management team has completed a purchase of the minority equity stake owned by private investment funds affiliated with TA Associates. The buyout was led by ECM’s senior management team, headed by Adam Blitz, CEO and Chief Investment Officer. The entire leadership team of ECM contributed new equity capital to finance the purchase and ECM has no outstanding debt obligations.
“We have enjoyed our strong partnership with TA and are excited to again be a fully independent, employee-owned asset management firm. This management buyout allows us to maintain our culture, our identity, and our strong alignment with the interests of our clients. We appreciate TA exiting its ECM investment through a transaction which minimizes disruption for our clients,” said Blitz. “TA has been an excellent partner since forging our relationship in 2010.”
Roger Kafker, TA Associates Senior Advisor and prior ECM Board Member added, “Throughout our extended partnership with Evanston Capital’s management team, we have appreciated their diligence regarding manager selection, as well as their attention to push forth the firm’s clients’ needs and best interests first and foremost.”
Kirkland & Ellis LLP acted as legal advisors and Broadhaven Capital Partners, LLC acted as financial advisor to Evanston Capital Management in the transaction. Goodwin Procter LLP acted as legal advisor to TA.
© The Sortino Group Ltd
All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or scanning or otherwise, except under the terms of the Copyright, Designs and Patents Act 1988 or under the terms of a licence issued by the Copyright Licensing Agency or other Reprographic Rights Organisation, without the written permission of the publisher. For more information about reprints from AlphaWeek, click here.