Aquiline Capital Partners LLC, a New York-based private equity firm, and Genstar Capital, LLC, a middle market private equity firm, have agreed to acquire Genworth Wealth Management from Genworth Financial, Inc., for $412.5m.
The sale by Genworth includes both of Genworth Wealth Management’s businesses: Genworth Financial Wealth Management (GFWM), an investment management and consulting platform, and Altegris, a provider of premier alternative investments.
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The sale is expected to close in the second half of 2013, subject to customary closing conditions, including requisite regulatory approvals.
Aquiline and Genstar said that they will bring their operational expertise and industry experience to help GFWM and Altegris increase their scale and capabilities.
Aquiline and Genstar added that they will specifically work with the respective senior management teams to enhance product development and technology offerings at GFWM, and expand distribution channels and launch new alternative products at Altegris.
Aquiline CEO, Jeff Greenberg, said: "Genworth Financial Wealth Management and Altegris are market-leading businesses with strong brands, experienced management teams and high growth potential."
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By GlobalData"Both businesses provide strategic resources that differentiate them from their competitors in rapidly-growing industries. Together, they form an effective platform for investors," Greenberg said.
Goldman, Sachs & Co. and Sullivan & Cromwell LLP advised Genworth on this transaction.
