Fairness Opinion
TriState Capital Holdings
M&A Advisory
Has Acquired
Transaction Details
- On December 16, 2015, TriState Capital Holdings, Inc. (“TriState Capital”), announced its acquisition of The Killen Group, Inc. (“The Killen Group”) in a transaction with an estimated value of $30 million to $35 million
- The Killen Group is an asset manager with approximately $2.5 billion in assets under management as of September 30, 2015
- The acquisition will include initial cash consideration of $15 million, or 5.0x a base EBITDA of $3.0 million, plus an estimated $15 million to $20 million for cash consideration that may be earned based on 7.0x the incremental growth in The Killen Group’s annual run rate EBITDA in excess of $3.0 million at December 31, 2016
- The acquisition was structured as an asset purchase for tax purposes
- Stephens Inc. provided a fairness opinion to TriState Capital
About the company
TriState Capital Holdings, Inc.
TriState Capital Holdings, Inc. (NASDAQ: TSC) is a bank holding company headquartered in Pittsburgh, Pa., providing commercial banking, private banking and investment management services to middle-market companies, institutional clients and high-net-worth individuals. Its TriState Capital Bank subsidiary has $3.1 billion in assets, as of September 30, 2015, and serves middle-market commercial customers through regional representative offices in Pittsburgh, Philadelphia, Cleveland, Edison, N.J., and New York City, as well as high-net-worth individuals nationwide through its national referral network of financial intermediaries. Its Chartwell Investment Partners subsidiary has $7.6 billion in assets under management, as of September 30, 2015, and serves institutional clients and TriState Capital’s financial intermediary network. For more information, please visit http://investors.tristatecapitalbank.com.
The Killen Group, Inc.
The Killen Group, Inc. is a premier provider of investment advisory services to individuals, corporations and non-profit organizations. A major component of The Killen Group’s work is the management of The Berwyn Funds family of no-load mutual funds and its individually managed accounts. Since its inception, The Killen Group has maintained a sensible, value-oriented investment philosophy. Constructing a diversified portfolio of undervalued, well-managed companies with long-term stock appreciation potential is the essence of our firm’s work. As the company has evolved, it has also developed expertise in the management of fixed income securities and enjoys a sound long-term record in this area. For more information, please visit http://thekillengroup.com/.
Sources: Company filings.
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