Investor group led by Riverside to acquire The Townsend Group from Aon
April 29 2024 - 5:54PM
The Riverside Company announced that its affiliate has signed a
definitive agreement to acquire The Townsend Group (“Townsend”)
from Aon plc (NYSE: AON) a leading global professional services
firm.
Townsend is a leading provider of global real
estate and real asset investment advisory services and offers
complementary investment management, advisory and capital solutions
via primary funds, secondaries, co-investments and direct
investments. Townsend is a leading adviser to global public and
private pension plans, insurers, sovereign wealth funds, endowments
and foundations. The firm has a global footprint with more than 110
employees located in Cleveland, London, Hong Kong and San Francisco
and advises clients with real assets in excess of $218 billion
(USD). The transaction represents a successful outcome for all
stakeholders as part of Aon’s portfolio management strategy.
Townsend’s prior history as a standalone business will help to
ensure a swift and effective transition to its new partners.
“Townsend has always been an innovator and we
have grown our business through thoughtful collaboration with our
clients and an integrated team approach, with a senior team
averaging 20 years of working together,” said Anthony Frammartino,
president of Townsend who will be named chairman and CEO of the
firm upon the closing of the transaction. “This new partnership
ensures continuity and exciting growth opportunities for our
clients and further development opportunities for our colleagues.
We are grateful for the continued support of our clients globally
and the next initiatives for growth supported by our partners at
Riverside, and we appreciate and look forward to maintaining our
long-standing relationship with Aon.”
Riverside Managing Partner Sean Ozbolt added,
“We are excited to back the outstanding Townsend team and support
the next phase of growth for the company. Townsend is a market
leader with a long and impressive performance history and a strong
reputation in real asset advisory and investment management
solutions.”
A group of leading institutions are co-investing
alongside Riverside in the transaction, including Bluerock, MLC
Private Equity and Ten Capital Management, which also acted as an
advisor to Riverside in the transaction.
In addition to its investment in the
transaction, Bluerock, a leading institutional alternative asset
manager with more than $18 billion in acquired and managed assets,
will enter into a strategic partnership with Townsend to expand
Townsend’s institutional investment capabilities to high-net-worth
investors. “Townsend’s leadership in the institutional real assets
space is a natural fit with Bluerock’s pioneering role in
delivering institutional-quality alternative investments to
individual investors over the last 22 years,” said Ramin Kamfar,
Bluerock’s CEO. “We look forward to partnering with Townsend to
develop innovative new investment solutions to serve the growing
needs of retail investors.”
Following the close of the transaction, which is
subject to final regulatory approvals, Aon will maintain a team
dedicated to serving its clients’ real estate investment programs,
while collaborating with specialists like Townsend to support
specific client needs.
“We are grateful for the many contributions of
this exceptional team, and we know they have a positive future in
partnership with Riverside,” said Eric Andersen, president of Aon.
“We remain committed to helping employers, fiduciaries and
investment officers across a broad spectrum of client need from
investment consulting to delegated solutions, while we focus on
further serving our clients through our leading Risk Capital and
Human Capital capabilities.”
Terms of the transaction were not disclosed.
Moelis & Company LLC served as financial advisor and Kirkland
& Ellis served as legal advisor to Aon. Berkshire Global
Advisors L.P. served as financial advisor and Jones Day served as
legal advisor to Riverside.
About The Riverside CompanyThe
Riverside Company is a global investment firm focused on being one
of the leading private capital and credit options for middle market
businesses by seeking to fuel transformative growth and create
lasting value. Since its founding in 1988, Riverside has made more
than 1,000 investments. The firm's international private equity and
flexible capital portfolios include more than 140 companies.
Follow The Riverside Company on LinkedIn and
Instagram. Stay up-to-date by visiting Riverside’s newsroom.
About Aon Aon plc (NYSE: AON) exists to
shape decisions for the better — to protect and enrich the lives of
people around the world. Through actionable analytic insight,
globally integrated Risk Capital and Human Capital expertise, and
locally relevant solutions, our colleagues provide our clients in
over 120 countries and sovereignties with the clarity and
confidence to make better risk and people decisions that help
protect and grow their businesses.
Follow Aon on LinkedIn, X, Facebook
and Instagram. Stay up-to-date by visiting Aon’s
newsroom and sign up for news alerts here.
Media Contacts
The Riverside CompanyHolly Mueller+1 216 535
2236
Aonmediainquiries@aon.comToll-free (U.S.,
Canada and Puerto Rico): +1 833 751 8114International: +1 312 381
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