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Aquiline, Genstar Capital purchase Genworth Wealth Management for $412.5m

BBR Staff Writer Published 04 September 2013

San Francisco-based middle market private equity firm Genstar Capital and Aquiline Capital Partners have acquired Genworth Wealth Management in a transaction worth $412.5m.

The acquisition includes Genworth Financial Wealth Management (GFWM), an investment management and consulting platform, and premier alternative investments provider Altegris.

The acquirers will assist GFWM and Altegris to increase their scale and capabilities, expand product development and technology offerings at GFWM, and enhance distribution channels as well as launch new alternative products at Altegris.

Aquiline chief executive Jeff Greenberg said that the acquired entities are strong brands, with experienced management teams and high growth potential, which will offer strategic resources that differentiate them from their competitors in rapidly growing industries.

Aquiline and Genstar were advised by Deutsche Bank, while a debt financing commitment has been provided by Credit Suisse regarding the acquisition, which was initially inked in March 2013.

A New York-based private equity firm, Aquiline invests in financial services enterprises in industries, including asset management, property and casualty insurance, banking, securities, life insurance and financial technology.

With over $4bn of committed capital under management, Genstar Capital operates in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses.