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Madison Dearborn consortium seals acquisition of fund manager Nuveen Investments

A group of private investors led by Madison Dearborn Capital Partners has secured the acquisition of Nuveen Investments, a US provider of diversified investment services to institutional a

A group of private investors led by Madison Dearborn Capital Partners has secured the acquisition of Nuveen Investments, a US provider of diversified investment services to institutional and high net worth investors.

Under the deal, first announced in June, the consortium will pay USD65 in cash for each share of Nuveen Investments’ common stock, valuing the asset management firm at USD6.3bn.

‘We feel strongly that Nuveen Investments, with its multi-boutique operating model and highly talented professionals, enjoys a competitive advantage in the marketplace,’ says Madison Dearborn managing director Timothy M. Hurd. ‘We are committed to supporting Nuveen as it further develops its institutional and high net worth businesses while extending its leadership in structured products and retail managed accounts.’

Nuveen chief executive John Amboian says: ‘This transaction is another important step in our firm’s strategic development. As a private entity, we look forward to focusing even more on broadening relationships and expanding our range of investment capabilities and services. Along with our continued dedication to high-quality investing, we will remain deeply committed to meeting the long-term needs of investors and the advisors who serve them.’

In addition to Madison Dearborn and Nuveen’s management, other private equity investors participating in the buyout include Merrill Lynch Global Private Equity, Wachovia Capital Partners, Citi, DB Investment Partners and Credit Suisse/DLJ Merchant Banking.

Nuveen Investments markets its range of specialised investment solutions under the NWQ, Santa Barbara, Tradewinds, Rittenhouse, Symphony and Nuveen brands, including the Nuveen HydePark Group. At the end of September the group managed assets totalling USD170bn.

Chicago-based Madison Dearborn Capital Partners has more than USD14bn in capital under management and is currently investing from its Madison Dearborn Capital Partners V, a USD6.5bn fund raised in 2006. Since its establishment in 1992, Madison Dearborn has invested in more than 100 companies.

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