MONTREAL, Oct. 30, 2015 /CNW Telbec/ – Fiera Capital Corporation (“Fiera Capital” or the “Firm”) (TSX: FSZ) announced today that it has completed its previously announced acquisition of New York based Samson Capital Advisors LLC (“Samson”), a prominent U.S. fixed income investment management firm (the “Transaction”). This acquisition adds approximately US$7.2 billion in assets under management.
The aggregate consideration paid at closing in connection with the Transaction amounted to approximately US$31.5 million and is subject to various post-closing adjustments. An amount of US$19.2 million was paid in cash to the sellers and Fiera Capital also issued to the sellers US$9.15 million in Class A subordinate voting shares. On the date that is 18 months following the date hereof, Fiera Capital will also issue to the sellers US$3.15 million in Class A subordinate voting shares. An additional consideration of up to US$17.0 million, including an earnout of US$4.2 million as well as incentives designed for key employee retention will be paid over a period of up to 5 years on the achievement of agreed upon financial targets.
All Class A subordinate voting shares issued and to be issued by Fiera Capital to the sellers have been and will be issued at a price per share equal to the thirty (30) day aggregate volume-weighted average per share price on the Toronto Stock Exchange for the period of the thirty (30) consecutive trading days ending on the second-to-last full trading day prior to the closing of the Transaction.
Approximately US$19.2 million was drawn by Fiera Capital under its revolving facility to finance the Transaction.
About Fiera Capital Corporation
Fiera Capital Corporation is a leading North American independent asset management firm listed on the Toronto Stock Exchange. The firm offers a wide range of traditional and alternative investment solutions, including depth and expertise in asset allocation. At September 30, 2015, Fiera Capital’s AUM was CAD$89 billion. The firm delivers distinctive investment management capabilities to institutional, private wealth and retail clients in Canada. In the U.S., asset management services are provided by its U.S. affiliates, which are investment advisers registered with the U.S. Securities and Exchange Commission. For more information, visit www.fieracapital.com.
Additional information relating to the Firm, including its Annual Information Form, is available on SEDAR at www.sedar.com.
About Samson Capital Advisors LLC
Samson Capital Advisors LLC was founded in the spring of 2004. It is a global fixed income and currency investment management boutique. Samson’s investment strategies focus on tax efficiency, real wealth preservation, and the development of non-correlated strategies built on our domestic and multicurrency expertise. Their mission is to provide the highest quality of service and performance. Its culture emphasizes integrity, teamwork, excellence, and innovation. For more about the Samson, please visit www.samsonca.com.
Forward-Looking Statements
This document may contain certain forward-looking statements. These statements relate to future events or future performance, and reflect management’s expectations or beliefs regarding future events, including business and economic conditions and Fiera Capital’s growth, results of operations, performance and business prospects and opportunities. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. In some cases, forward-looking statements can be identified by terminology such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue”, “target”, “intend” or the negative of these terms, or other comparable terminology.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and a number of factors could cause actual events or results to differ materially from the results discussed in the forward-looking statements. In evaluating these statements, readers should specifically consider various factors that may cause actual results to differ materially from any forward-looking statement.
These factors include, but are not limited to, market and general economic conditions, the nature of the financial services industry, and the risks and uncertainties detailed from time to time in Fiera Capital’s interim and annual consolidated financial statements, and its Annual Report and Annual Information Form filed on www.sedar.com. These forward-looking statements are made as of the date of this document, and Fiera Capital assumes no obligation to update or revise them to reflect new events or circumstances, except as required by applicable law.
