Aligned Asset Managers Invests in The Townsend Group
August 29, 2011
Platform partnership with real estate industry leader advances Aligned’s growth strategy.
Aligned Asset Managers, LLC (“Aligned”), a portfolio company of leading private equity firm GTCR, today announced it has acquired a majority interest in The Townsend Group (“Townsend”). Townsend, established in 1983, is the largest global specialty real estate advisory and investment firm, with over $100 billion of total advised assets. Townsend allocates real estate capital on a discretionary and non-discretionary basis for over 85 leading institutional clients from offices in Cleveland, London, San Francisco and Hong Kong.
“Townsend represents the ideal platform investment for Aligned,” said David Minella, CEO of Aligned. “It embodies our strategy of focusing on industry leaders in growing asset classes, and we look forward to helping Townsend build on its strong track record and deep relationships with a world-class institutional investor base.”
Townsend’s existing leadership team will maintain responsibility for management of the business. The transaction will broaden Townsend’s employee ownership base, and management will continue to own a material stake in the company. Led by its founding partners, Terry Ahern and Kevin Lynch, Townsend has a deep team of 32 seasoned senior real estate professionals who average more than 15 years of experience. All members of the management team will remain with the firm upon completion of the transaction.
“We are pleased to partner with Aligned,” said Mr. Ahern, Townsend’s co-founder and CEO. “Aligned is an ideal partner for Townsend as we continue to expand the specialized real estate advisory capabilities we offer our clients across a global platform.”
Aligned was formed in January 2011 when GTCR partnered with David Minella. Mr. Minella was formerly CEO at Value Asset Management and CEO of Lichtenstein Global Trust. Aligned was formed to build a leading multi-strategy asset management platform through substantial equity investments in firms across attractive, growing asset classes. Aligned is currently engaged in discussions with several leading asset management firms and in building out a business development capability.
The terms of the transaction, which is expected to close upon receipt of customary regulatory approvals and other customary closing conditions, were not disclosed. Kirkland & Ellis LLP served as legal counsel, and Ernst & Young served as accounting advisor to Aligned. Baker & Hostetler LLP served as legal counsel to Townsend.
About Aligned Asset Managers
Aligned Asset Managers, headquartered in Stamford, Connecticut, is a financial services holding company focused on the asset management sector. For more information about Aligned, contact James Cahill at 203.938.9924 or firstname.lastname@example.org, or visit Aligned’s website at www.alignedam.com.
About The Townsend Group
The Townsend Group is a leading provider of real estate and real asset investment solutions to institutional investors globally. Started in 1983 in Cleveland, Ohio, Townsend has grown into a global platform managing or advising investor interests in excess of $100 billion for investors including sovereign wealth funds, pension plans, foundations and endowments and other sophisticated investors. Press inquiries regarding Townsend should be directed to Joe Olszak at 216.781.9090 or email@example.com. For more information, please visit www.townsendgroup.com.
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Financial Services & Technology, Healthcare and Information Services & Technology industries. The Chicago-based firm pioneered the “Leaders Strategy”—finding and partnering with world-class leaders as the critical first step in identifying, acquiring and building market-leading companies through acquisitions and organic growth. Since its inception, GTCR has invested more than $8.5 billion in over 200 companies. For more information, please visit www.gtcr.com.