Northill Capital, the asset management firm backed by the Bertarelli family trust, has agreed to acquire a majority interest in Riverbridge Partners for an undisclosed sum.
Northill is a private equity firm founded in late 2010 by Jon Little, former vice-chairman of BNY Mellon Asset Management and launched by billionaire Ernesto Bertarelli. It manages the Bertarelli’s family office Kedge Capital, which has around $13bn (2011) in assets under management (AuM).
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Minneapolis-based private investment firm Riverbridge was founded in 1987 and currently manages almost $4bn in assets.
Part of expansion strategy
The unspecified investment will give Jersey-based Northill a 58% interest in the firm’s equity, buying out 100% of the equity of retired or former partners of the firm, and just under 50% of the equity of the existing management team.
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By GlobalDataThe deal is consistent with Northill’s long-term strategy to build a diversified portfolio of high quality investment businesses, said Northhill partner, Jon Little.
Northhill’s multi-boutique strategy has already led to four major investments.
In 2011, it acquired Alpha Strategic, a listed hedge fund manager, London-based Goldbridge, US-based hedge fund Wellfield, Asian value investor Ellis Munro, and insurance investment specialist Securis.
Minneapolis base continues
As a result of the venture, Riverbridge will continue to be based in Minneapolis and will be operated by its existing management team.
Members of the Northill management team will join the Riverbridge Board, but Northill said all existing Riverbridge equity owners will hold all their remaining equity for a minimum of five years.
In addition, each will reinvest half their net proceeds in Riverbridge’s investment strategies.
