Evercore acquired Atalanta Sosnoff Capital, LLC for $68.6 million cash for a 49% economic interest (cash paid of approximately $68,992 thousand at close), a transaction completed in May 2010, structured as all cash (49% economic interest) plus contingent earn-out.
Atalanta Sosnoff Capital, LLC operates in Investment Management - Institutional Asset Management, is based in New York, United States, had revenue of about Contributed revenue of $43,617 thousand (FY2011) and $27,079 thousand (FY2010) to Evercore's consolidated results. New York-based investment manager focused on managing large-cap U.S. equity and balanced accounts for institutional, high-net-worth and broker-advised clients. Evercore purchased an interest representing a 49% economic interest; senior management of Atalanta Sosnoff retained the remaining 51% economic interest.
Atalanta Sosnoff was purchased to expand the Company's asset management capabilities.
Stable, recurring institutional and high-net-worth client relationships in large-cap U.S. equity management. Goodwill of $80,209 thousand and client-relationship intangibles of $39,700 thousand recognized in the Investment Management segment; Evercore consolidates Atalanta Sosnoff via majority vote of its Management Committee. Operated as Atalanta Sosnoff within Evercore's Institutional Asset Management (Investment Management segment)
On March 4, 2010, Evercore Partners Inc. entered into a definitive Purchase and Sale agreement with Atalanta Sosnoff Capital, LLC, a New York based investment manager ('ASC') ... to purchase an interest in ASC representing, as of the closing date, 49% of the economic interests for a cash purchase price of approximately $68.6 million, subject to adjustment.Evercore Partners 8-K, Item 1.01 (March 5, 2010)
In May 2010, the Company purchased an interest in Atalanta Sosnoff Capital LLC, representing a 49% economic interest, for a cash purchase price of $68,992. Atalanta Sosnoff was purchased to expand the Company's asset management capabilities.Evercore FY2011 10-K, Acquisitions note (dollars in thousands)
Advisory firms were not disclosed for this transaction.