GTCR Announces Sale of The Townsend Group
October 15, 2015
Deal underscores successful growth of Townsend’s Global Investment & Advisory Services.
GTCR, a leading private equity firm, announced today it has signed a definitive agreement to sell The Townsend Group (“Townsend” or the “Company”) to NorthStar Asset Management Group, a leading global real estate asset management firm.
The Townsend Group is a leading provider of global investment management and advisory services focused exclusively on real estate and real assets. Townsend serves a global institutional client base providing custom investment solutions to help meet the needs and objectives of their investment programs. Headquartered in Cleveland, Ohio, the firm has offices in San Francisco, London and Hong Kong.
GTCR recapitalized Townsend behind founder and CEO Terry Ahern and existing management in November 2011. Since that transaction, the business has grown substantially. The Company deepened its long-standing relationships with existing clients, added several new global clients, expanded product offerings and significantly invested in human capital to drive future growth.
“We have great admiration for the Townsend team. We are pleased to have participated in the Company’s growth and successes,” said GTCR Managing Director Collin Roche. “Townsend enhanced its capabilities and product offerings and invested in the Company’s people and technology to create a stronger value proposition for its clients.”
“We’d like to thank GTCR for their commitment and support over the last four years,” said Mr. Ahern. “GTCR has been a great partner, and we are excited to continue helping our clients achieve their unique investment goals.”
Mike Hollander, GTCR Principal, added, “Terry Ahern and the entire Townsend team have been excellent partners for GTCR. On behalf of GTCR, we’d like to extend our thanks and best wishes to Terry and the other managers and employees at Townsend as they continue working with NSAM.”
Kirkland & Ellis LLP provided legal counsel on the transaction.
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Financial Services & Technology, Healthcare, Technology, Media & Telecommunications and Growth Business Services industries. The Chicago-based firm pioneered The Leaders Strategy™—finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $12 billion in over 200 companies. For more information, please visit www.gtcr.com. ￼
About The Townsend Group
Founded in 1983, The Townsend Group is a leading provider of global investment management and advisory services focused exclusively on real estate and real assets. Townsend serves a global institutional client base providing custom investment solutions to help meet the needs and objectives of their investment programs. Headquartered in Cleveland, Ohio, the firm has offices in San Francisco, London and Hong Kong. Townsend provides services on behalf of regulatory assets under management of approximately $12.8 billion and provides advisory and/or consulting services to clients who have real estate/real estate allocations of approximately $170 billion. For more information, please visit www.townsendgroup.com.