Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Bidding Ends For This $15.5B Mutual Fund Shop Not Rated 4.0 Email Routing List Email & Route  Print Print
Monday, November 11, 2013

Bidding Ends For This $15.5B Mutual Fund Shop

News summary by MFWire's editors

It looks like Munder Capital Management [profile] is staying put after all.

Luisa Beltran of Reuters' peHUB Wire reports that, according to four unnamed sources, the $15.5-billion-AUM, Birmingham, Michigan-based mutual fund shop's private equity backer, Crestivew Partners, has ended the Munder auction and decided to hang onto it for now.

Seven years ago Crestview backed Munder management in a $302-million deal to free Munder, then with $25.1 billion in assets under management, from Comerica. Then in June of this year reports surfaced that Crestview was auctioning off Munder, looking for a price of up to $400-million. In August Reuters reported that private equity platers Advent International, Blackstone Group, Genstar Capital, Lightyear Capital and Thoma Bravo, as well as insurer Pacific Life, were bidding, with Goldman Sachs advising Crestview on the deal. A month later, the wire service added Corsair and Flexpoint Ford to the bidding list, while dropping out Genstar, Lightyear and Pacific Life.

So why did the sale fall through? Citing unnamed sources, peHUB Wire reports that Crestview wanted a higher price multiple, 10 times EBITDA, than the 7 times EBITDA that bidders offered.

"Crestview is going to keep the business for now and recap it," one private equity source told the pub. 

Edited by: Neil Anderson, Managing Editor


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

4.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use