Investor group led by Riverside to acquire The Townsend Group

The Riverside Co. has announced that its affiliate has signed a definitive agreement to acquire The Townsend Group from Aon.

Terms of the transaction were not disclosed.

A group of leading institutions are co-investing alongside Riverside in the transaction, including Bluerock, MLC Private Equity and Ten Capital Management, which also acted as an adviser to Riverside in the transaction.

Townsend has more than 110 employees located in Cleveland, London, Hong Kong and San Francisco and advises clients with real assets in excess of $218 billion. The transaction represents a successful outcome for all stakeholders as part of Aon’s portfolio management strategy.

“Townsend has always been an innovator, and we have grown our business through thoughtful collaboration with our clients and an integrated team approach, with a senior team averaging 20 years of working together,” said Anthony Frammartino, president of Townsend, who will be named chairman and CEO