Pryor Cashman's Canada-based client Guardian Capital Group Limited (TSX:GCG) (TSX:GCG.A) has agreed to acquire Sterling Capital Management LLC for $70 million from Truist Financial Corporation (NYSE: TFC), to be paid on closing, subject to customary purchase price adjustments and earn-out incentives. The acquiror is Guardian's wholly owned U.S. subsidiary Guardian Capital LLC, which already conducts business in the United States through its Agincourt Capital Management, LLC and Alta Capital Management LLC subsidiaries.
Guardian anticipates closing the deal to acquire Sterling, which has $76 billion AUM, in Q2 2024. In a statement, Guardian President and CEO George Mavroudis said:
We are very excited to have Sterling join the Guardian group of companies as the acquisition significantly enhances our overall scale as a global asset manager and expands our platform for future growth. Sterling's pursuit of excellence aligns perfectly with Guardian's commitment to investment quality and innovation. Sterling shares and complements our approach and values in addition to adding new capabilities and investment strategies that enhance our offering in the United States.
Guardian's representation in the deal was led by Corporate Partner Edward Normandin and Counsel Eric Wisotsky, with assistance from Associates Bianka Valbrun and Marissa Higdon, and specialty input from Partner Bertrand Fry and Associate James Bologna (Investment Management), Partner Taylor Weinstein (Tax), Partners Shane Stroud and Matthew Young (Executive Compensation), Counsel Wendy LaManque (Labor + Employment), Partner Jeffrey Johnson and Associate Roger "RJ" McLaughlin (Intellectual Property), and Partner Christopher Loeber (Insurance Recovery and Counseling).
Read the full press release about the deal using the link below.
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