TORONTO — AGF Management Ltd. has signed a deal to buy a 51 per cent stake in alternative investment firm Kensington Capital Partners Ltd. for $45 million.
Kensington employees will keep a 49 per cent stake in the firm, with ownership broadly held by Kensington’s three senior managing directors.
If certain near-term growth targets are achieved, Kensington will receive an additional earn-out payment.
Founded in 1996, Kensington has $2.6 billion in assets under management.
AGF says Kensington will maintain its investment and operational independence, but receive strategic support as part of the relationship.
Ash Lawrence, head of AGF Private Capital, will become chair of Kensington board of directors, while two other AGF executives will also join the board alongside Kensington’s three senior managing directors.
This report by The Canadian Press was first published Jan. 15, 2024.
Companies in this story: (TSX:AGF.B)
The Canadian Press
