- Guardian Capital Group (GCG) has signed an agreement to acquire a 70 per cent interest in Virginia-based Agincourt Capital Management
- The acquisition is expected to add roughly C$9.28 billion to Guardian’s current assets under management
- It follows the company’s similar acquisition of Salt Lake City-based Alta Capital Management in early 2018
- The deal is expected to close in the fourth quarter of this year, with Agincourt’s existing owners to hold the remaining 30 per cent stake
- Guardian Capital Group (GCG) is currently up 4.86 per cent and is trading at $22.45 per share
Guardian Capital Group (GCG) has signed an agreement to acquire a 70 per cent interest in Virginia-based Agincourt Capital Management LLC.
Headquartered in the city of Richmond, Agincourt has built a strong reputation managing high-grade bond portfolios in both core US fixed income investment mandates and investment portfolios across the maturity spectrum.
Over more than 20 years of operations Agincourt has built an investor base to more than C$9 billion in assets under management as of June 30, 2020, which will be added to Guardian’s portfolio, further diversifying the firm’s assets by geography and investment solutions.
Following completion off the transaction, Agincourt will continue to provide its investment services to US investors.
Agincourt’s owners, who will retain a 30 per cent stake in their company, have also agreed to re-invest a portion of the proceeds they will receive into Guardian’s shares.
George Mavroudis, President and CEO of Guardian Capital Group, said he is very pleased to partner with the Agincourt principals and to continue to grow the company’s presence in the United States.
“It’s clear that our firms share many of the same cultural values and that adding a firm of this quality to Guardian’s group of companies supports our strategic intent.
“The purpose and execution of this transaction has very strong parallels with Guardian’s acquisition of a majority interest in Salt Lake City-based Alta Capital Management early in 2018,” he added.
George also noted that the success of Guardian’s partnership with Alta Capital Management, in combination with a similar alignment with Agincourt, provides significant confidence in the company’s overall US strategy.
The acquisition is expected to close in the fourth quarter of 2020, subject to the usual regulatory approvals.
Guardian Capital Group (GCG) is currently up 4.86 per cent and is trading at $22.45 per share at 12:03pm EDT.
