Azimut Group, one of Europe’s largest independent asset managers, via its US subsidiary Azimut Alternative Capital Partners, has attained a controlling stake in HighPost Capital after agreeing to increase its ownership from 15% to 56%.
HighPost was founded in 2019 by private equity and marketing executives David Moross and Mark Bezos. Today it manages $644m AUM through two key strategies; a dedicated Buyout Private Equity Fund, HighPost I, and a consumer/technology-focused Venture Capital Fund, HIPstr I. Both vehicles have made significant investments within their respective target universes, including portfolio companies such as Spotter, Magic Spoon, R.A.D., and Closer.
As part of the agreement, Moross will take on the role of Senior Advisor to AACp alongside serving as HighPost’s CEO.
Bezos, in addition to continuing to be HighPost’s Co-Founder and member of several Boards and Committees, will also become Head of Strategic Partnerships and Board Director of Azimut US Holdings, the Group’s US sub-holding that oversees approximately $50bn in AUM, covering alternative investments, club deals, direct investments, asset and wealth management in a B2B2C approach.
The transaction entails Azimut reaching a 56% stake through a mix of primary and secondary proceeds, contributing growth capital to the business together with the founding partners.
Of the secondary proceeds, 50% will be in the form of Azimut Holding listed shares, resulting in the founders Moross and Bezos increasing significantly their ownership stake in Azimut.
This unique arrangement will provide HP with a stronger financial foundation and at the same time promote the benefits of shared ownership to both entities. The transaction also entails put/call options and the closing of the deal is subject to customary conditions precedent.
Gibson, Dunn, & Crutcher served as legal advisor to HighPost while Sidley Austin served as legal advisor to Azimut.
