Investment by leading private equity firm is
premised on sustaining growth and product expansion at the
Company
AssetMark Financial Holdings, Inc. (NYSE: AMK) (“AssetMark” or
“Company”), a leading wealth management technology platform for
financial advisors, today announced that it has signed a definitive
agreement to be acquired by GTCR, a leading private equity firm
with substantial investment expertise in financial technology,
wealth and asset management.
AssetMark stockholders will receive $35.25 per share in cash,
which represents a total equity valuation of approximately $2.7
billion. Under the terms of the agreement, GTCR will acquire a 100%
interest in the Company.
AssetMark’s Board of Directors has unanimously approved the
transaction and recommended the transaction to its stockholders.
After AssetMark’s Board of Directors approved the transaction, the
definitive agreement was signed, and the transaction was approved
by written consent of stockholders representing a majority of the
outstanding voting interests of the Company.
Based in Concord, California, AssetMark is a leading wealth
management technology company with approximately $117 billion of
assets on the platform. The Company delivers an extensive suite of
technology solutions and service offerings which enable independent
financial advisors to create and manage customized client
investment portfolios, report and analyze performance, custody
assets, attract new clients and grow their advisory business.
AssetMark differentiates itself through its comprehensive
end-to-end offering and the personalized, high-touch service model
it delivers to its financial advisor customers. The AssetMark
platform serves over 9,300 financial advisors and over 257,000
investor households.
“This transaction is a testament to the support and commitment
of Huatai over the past seven years, and the hard work of the
entire AssetMark team. Together with Huatai, we have accomplished
remarkable results, and we look forward to partnering with GTCR on
the next phase of growth,” said Michael Kim, CEO of AssetMark.
“This transaction will deliver substantial value for our
shareholders, supports key elements of our strategy, and creates
new and exciting opportunities for our employees. In partnership
with GTCR, we will continue to focus on expanding offerings for our
clients with new product capabilities while maintaining our
reputation for excellent client service.”
“AssetMark is a leader in the wealth technology industry,
combining a high-quality service orientation with innovative
technology and products that financial advisors rely on to support
their clients,” said Collin Roche, Co-CEO and Managing Director at
GTCR. “We would like to congratulate Huatai Securities, AssetMark’s
majority shareholder, on the substantial increase in the scale and
profile of the business during Huatai Securities’ majority
ownership which began in 2016.”
Yi Zhou, CEO of Huatai Securities said, “AssetMark was an
important strategic investment for Huatai with the business growing
substantially during our ownership tenure. Today’s transaction will
deliver a strong financial return to Huatai’s shareholders. We
appreciate the support from AssetMark’s customers, employees and
management team and remain confident in the Company’s future under
GTCR’s ownership.”
Michael Hollander, Managing Director at GTCR, added “We are
highly enthusiastic about the opportunity to partner with Michael
Kim and the AssetMark team. In addition to organic initiatives,
GTCR expects to support AssetMark as the Company pursues additional
inorganic M&A opportunities to further expand the leading
service offering it provides financial advisors.”
The transaction is subject to customary closing conditions and
required regulatory approvals and is expected to close in Q4 2024.
Upon completion of the transaction, AssetMark’s common stock will
no longer be listed on any public market.
For further information regarding all terms and conditions
contained in the definitive merger agreement, please see
AssetMark’s Current Report on Form 8-K, which will be filed in
connection with this transaction.
Morgan Stanley & Co. LLC served as exclusive financial
advisor to AssetMark and Davis Polk & Wardwell LLP provided
legal counsel. UBS Investment Bank and Barclays served as co-lead
financial advisors to GTCR and are providing debt financing support
for the transaction. BofA Securities and Jefferies LLC also served
as financial advisors. Kirkland & Ellis LLP provided legal
counsel and Paul Hastings LLP provided regulatory legal
counsel.
The consummation of the transaction is not subject to any
financing condition. The transaction will be financed with a credit
facility and equity capital from funds affiliated with GTCR.
About AssetMark Financial Holdings, Inc.
AssetMark operates a wealth management platform that powers
independent financial advisors and their clients. Together with our
affiliates Voyant and Adhesion Wealth, we serve advisory firms of
all sizes and business models at every stage of their journey with
flexible, purpose-built solutions that champion client engagement
and drive efficiency. Our ecosystem of solutions equips advisors
with services and capabilities that would otherwise require
significant investments of time and money, ultimately enabling them
to deliver better investor outcomes and enhance their productivity,
profitability, and client satisfaction. Founded in 1996 and based
in Concord, California, the company has over 1,000 employees.
Today, the AssetMark platform serves over 9,300 financial advisors
and over 257,000 investor households. As of March 31, 2024, the
company had $116.9 billion in platform assets.
About GTCR
Founded in 1980, GTCR is a leading private equity firm that
pioneered The Leaders Strategy™ – finding and partnering with
management leaders in core domains to identify, acquire and build
market-leading companies through organic growth and strategic
acquisitions. GTCR is focused on investing in transformative growth
in companies in the Business & Consumer Services, Financial
Services & Technology, Healthcare and Technology, Media &
Telecommunications sectors. Since its inception, GTCR has invested
more than $25 billion in over 280 companies, and the firm currently
manages $40 billion in equity capital. GTCR is based in Chicago
with offices in New York and West Palm Beach. For more information,
please visit www.gtcr.com. Follow us on LinkedIn.
About Huatai
Incorporated in April 1991, Huatai Securities is a leading
technology-driven securities group in China, with a highly
collaborative business model, a cutting-edge digital platform and
an extensive and engaging customer base. It provides comprehensive
financial services to individual and institutional clients,
including wealth management, investment banking, sales and trading,
investment management, etc., with a substantial international
presence. In 2023, it achieved a total revenue of RMB 36.6 billion
(US$5.1bn) and a net profit attributable to the company's
shareholders of RMB 12.8 billion (US$1.8bn), cementing its
frontrunner position in the Chinese securities industry.
Forward Looking Statements
This communication contains “forward-looking statements” within
the Private Securities Litigation Reform Act of 1995. Any
statements contained in this communication that are not statements
of historical fact, including statements about the Company’s
ability to consummate the proposed transaction and the expected
benefits of the proposed transaction, may be deemed to be
forward-looking statements. All such forward-looking statements are
intended to provide management’s current expectations for the
future of the Company based on current expectations and assumptions
relating to the Company’s business, the economy and other future
conditions. Forward-looking statements generally can be identified
through the use of words such as “believes,” “anticipates,” “may,”
“should,” “will,” “plans,” “projects,” “expects,” “expectations,”
“estimates,” “forecasts,” “predicts,” “targets,” “prospects,”
“strategy,” “signs,” and other words of similar meaning in
connection with the discussion of future performance, plans,
actions or events. Because forward-looking statements relate to the
future, they are subject to inherent risks, uncertainties and
changes in circumstances that are difficult to predict. Such risks
and uncertainties include, among others: (i) the timing to
consummate the proposed transaction, (ii) the risk that a condition
of closing of the proposed transaction may not be satisfied or that
the closing of the proposed transaction might otherwise not occur,
(iii) the risk that a regulatory approval that may be required for
the proposed transaction is not obtained or is obtained subject to
conditions that are not anticipated, (iv) the risk of GTCR’s
failure to obtain financing necessary to complete the proposed
transaction, (v) the diversion of management time on
transaction-related issues, (vi) risks related to disruption of
management time from ongoing business operations due to the
proposed transaction, (vii) the risk that any announcements
relating to the proposed transaction could have adverse effects on
the market price of the common stock of the Company, (viii) the
risk that the proposed transaction and its announcement could have
an adverse effect on the ability of the Company to retain customers
and retain and hire key personnel and maintain relationships with
its suppliers and customers, (ix) the occurrence of any event,
change or other circumstance or condition that could give rise to
the termination of the merger agreement, including in circumstances
requiring the Company to pay a termination fee, (x) unexpected
costs, charges or expenses resulting from the proposed transaction,
(xi) potential litigation relating to the proposed transaction that
could be instituted against the parties to the merger agreement or
their respective directors, managers or officers, including the
effects of any outcomes related thereto, (xii) worldwide economic
or political changes that affect the markets that the Company’s
businesses serve which could have an effect on demand for the
Company’s products and impact the Company’s profitability and
(xiii) disruptions in the global credit and financial markets,
including diminished liquidity and credit availability, changes in
international trade agreements, including tariffs and trade
restrictions, cyber-security vulnerabilities, foreign currency
volatility, swings in consumer confidence and spending, raw
material pricing and supply issues, retention of key employees,
increases in fuel prices, and outcomes of legal proceedings, claims
and investigations. Accordingly, actual results may differ
materially from those contemplated by these forward-looking
statements. Investors, therefore, are cautioned against relying on
any of these forward-looking statements. They are neither
statements of historical fact nor guarantees or assurances of
future performance. Additional information regarding the factors
that may cause actual results to differ materially from these
forward-looking statements is available in the Company’s filings
with the SEC, including the risks and uncertainties identified in
Part I, Item 1A - Risk Factors of the Company’s Annual Report on
Form 10-K for the year ended December 31, 2023 and in the Company’s
other filings with the SEC.
These forward-looking statements speak only as of the date of
this communication, and the Company does not assume any obligation
to update or revise any forward-looking statement made in this
communication or that may from time to time be made by or on behalf
of the Company.
No Offer or Solicitation
This communication is not intended to and shall not constitute
an offer to buy or sell or the solicitation of an offer to buy or
sell any securities, or a solicitation of any vote or approval, nor
shall there be any sale of securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction.
Additional Information about the Proposed Transaction and
Where to Find It
In connection with the proposed transaction, AssetMark intends
to file relevant materials with the SEC, including AssetMark’s
information statement in preliminary and definitive form. AssetMark
stockholders are strongly advised to read all relevant documents
filed by AssetMark with the SEC, including AssetMark's information
statement, because they will contain important information about
the proposed transaction. These documents will be available at no
charge on the SEC’s website at www.sec.gov. In addition, documents
will also be available without charge by visiting the AssetMark
website at www.assetmark.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240424889628/en/
Alaina Kleinman Head of PR & Communications, AssetMark
alaina.kleinman@assetmark.com
Andrew Johnson Chief Marketing & Communications Officer,
GTCR andrew.johnson@gtcr.com
AssetMark Financial (NYSE:AMK)
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부터 12월(12) 2024 으로 1월(1) 2025
AssetMark Financial (NYSE:AMK)
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부터 1월(1) 2024 으로 1월(1) 2025
