Bridge Investment Group Completes Acquisition of Newbury Partners to Capitalize on Growing Secondaries Opportunity
03 Aprile 2023 - 2:15PM
Business Wire
Bridge Investment Group Holdings Inc. (NYSE: BRDG) (“Bridge” or
the “Company”) today announced it has completed its previously
announced $320.1 million cash acquisition of substantially all of
the business of Newbury Partners LLC (“Newbury”), an investment
manager that specializes in acquiring limited partnership interests
in private equity funds through secondary transactions.
Newbury is a leader in the secondaries market, with a focus on
acquiring limited partnership interests in established buyout,
growth equity and venture capital funds. Founded in 2006, Newbury
has raised over $6.2 billion of capital across five dedicated funds
and has invested in over 500 underlying interests on behalf of more
than 250 limited partners worldwide. With $4.3 billion in
fee-earning AUM as of December 31, 2022, Newbury’s experienced
management team has a decades-long track record of investment
performance. Newbury has a diverse portfolio, attractive
institutional investor base, and a strong competitive position in
the secondaries market.
Robert Morse, Executive Chairman of Bridge, said, “This
acquisition and our expansion into the attractive secondaries
sector further diversifies our strong platform and positions Bridge
for accelerated growth. We believe secondary investments are
increasing in appeal to a growing group of investors and we are
excited to add Newbury’s expertise to our platform.”
Bridge CEO Jonathan Slager added, “We are pleased to complete
this strategic acquisition, which is expected to be immediately
accretive to Bridge’s core earnings metrics. With our shared
investment philosophy, Bridge and Newbury are well positioned to
capitalize together on significant opportunities within the growing
alternative investment sector, including the opportunity to expand
into adjacent secondaries asset classes.”
Richard Lichter, Vice Chairman and Founder of Newbury, said, “We
are energized by the opportunities to unlock Newbury’s full
potential through this transaction and partnership with Bridge. It
is clear that we have a common vision, and we look forward to
executing and driving our shared success as part of the Bridge
platform.”
Advisors
Latham & Watkins LLP and Kirkland & Ellis LLP served as
legal advisors to Bridge on this transaction. Berkshire Global
Advisors was financial advisor and Proskauer Rose LLP served as
legal advisor to Newbury.
About Bridge Investment Group
Bridge is a leading, alternative investment manager, diversified
across specialized asset classes, with approximately $48.5 billion
of assets under management as of December 31, 2022, including
assets under management related to the acquisition of Newbury
Partners which closed on March 31, 2023. Bridge combines its
nationwide operating platform with dedicated teams of investment
professionals focused on select verticals across real estate,
credit, renewable energy and secondaries funds.
Forward-Looking Statements
This press release contains certain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995, which relate to future events or our future performance or
financial condition. All statements other than statements of
historical facts may be forward-looking statements, including
statements relating to the expected effects of the transaction with
Newbury; the expected benefits of the transaction, including future
synergies and growth opportunities; and the future business and
prospects of Bridge and Newbury. In some cases, you can identify
forward-looking statements by terms such as “outlook,” “could,”
“believes,” “expects,” “potential,” “opportunity,” “continues,”
“may,” “will,” “should,” “over time,” “seeks,” “predicts,”
“intends,” “plans,” “estimates,” “anticipates,” “foresees” or
negative versions of those words, other comparable words or other
statements that do not relate to historical or factual matters.
Accordingly, we caution you that any such forward-looking
statements are based on our beliefs, assumptions and expectations
as of the date made, taking into account all information available
to us at that time. These statements are not guarantees of future
performance, conditions or results and involve a number of risks
and uncertainties that are difficult to predict and beyond our
control. Actual results may differ materially from those express or
implied in the forward-looking statements as a result of a number
of factors, including but not limited to those risks described from
time to time in our filings with the Securities and Exchange
Commission. Any forward-looking statement speaks only as of the
date on which it is made. Bridge undertakes no duty to publicly
update any forward-looking statements herein, on the
webcast/conference call, or otherwise, whether as a result of new
information, future developments or otherwise, except as required
by law. Nothing in this press release constitutes an offer to sell
or solicitation of an offer to buy any securities of the Company or
any investment fund managed by the Company or its affiliates.
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Shareholder Relations: Bonni Rosen Bridge Investment
Group Holdings Inc. shareholderrelations@bridgeig.com Media:
Charlotte Morse Bridge Investment Group Holdings Inc.
charlotte.morse@bridgeig.com (877) 866-4540 Jonathan Keehner / Kara
Brickman / Erik Carlson Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
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