Lorne Park Capital Partners (LPCP) has agreed to acquire all outstanding securities of Crestridge Asset Management, a Toronto-based independent portfolio manager.
Crestridge offers discretionary investment management and wealth management services for individuals, trusts and foundations. The firm managed around $120m in assets at the end of May 2017.
LPCP will pay a consideration of $1.35m for the deal, which includes $500,000 in cash and $200,000 in LPCP common shares.
The deal is slated to be completed on or around 15 August 2017, subject to regulatory approval.
Upon deal closing, Crestridge will be integrated into LPCP subsidiary Bellwether Investment Management.
LPCP and Bellwether chairman Steve Meehan said: “With the proposed addition of Crestridge, the combined firm will add to our presence within the GTA with an office in downtown Toronto. The addition of the Crestridge team will allow us to better serve all of our clients and work more effectively with our advisor partners.”