Keeley Asset Management is to transfer the voting shares of its parent company, Joley Corp (Joley), to TA Associates (TA).
In addition to TA's ownership, certain KAMCO employees will be participating with TA as non-controlling equity owners. The transfer is subject to the satisfaction of certain regulatory approvals and is expected to be completed in September 2015.
In July 2008, KAMCO completed a minority leveraged recapitalisation with TA, a leading global growth private equity firm with a strong track record of successful investments in the asset management industry.
"We were excited in 2008 to engage TA's proven asset management industry expertise and experience," says Kevin Keeley, who was recently named President of KAMCO upon the death of his father and founder of the firm, John L Keeley, Jr. "The transfer of ownership to TA, which includes non-controlling equity interests going to our key employees, will complete our transition from sole ownership by the Keeley family." Keeley will remain President of KAMCO after the close of the transaction.
KAMCO also announced that Brien O'Brien, the former Head of Asset Management at Piper Jaffray and Chairman, CEO and Co-Founder of former TA portfolio company Advisory Research, Inc, will be assuming the role of Executive Chairman of Joley and KAMCO effective as of the closing of the transfer to TA. O'Brien's industry expertise and leadership will solidify KAMCO's efforts to further the firm's long and successful history as a boutique asset management firm.
"I have great respect for TA and their ability to bring the best out of the firms in which they invest," says O'Brien. "While at Advisory Research, I had first-hand experience with TA's deep commitment to working cooperatively with its portfolio companies, while driving management to perform to their fullest."
"As long-time investors in KAMCO, we are very familiar with the firm's investment process and have strong relationships with its employees," says Roger Kafker (pictured), a Managing Director at TA Associates and current member of the Board of Directors of KAMCO's parent company. "We have great respect for Brien, with whom we have worked successfully for many years, and feel that he is a proven leader in the industry. We look forward to continuing our active involvement with KAMCO, Brien and the employees to ensure that KAMCO continues to strive to be a premier investment boutique."
"We welcome the additional resources, oversight and expertise that TA's ownership brings to KAMCO," says Kevin Chin, the Chief Investment Officer of KAMCO. "As we move ahead, we will adhere to our firm's long-held investment philosophy and value-oriented approach of helping our clients find opportunity in increasingly efficient equity markets."
