NorthStar acquires majority stake in Townsend Group
NorthStar Asset Management Group has agreed to acquire an approximately 85 percent interest in The Townsend Group for approximately $380 million. GTCR is the seller. Following the closing of the transaction, Townsend’s management team will own the remainder of the business and will continue to direct day-to-day operations. NorthStar Asset Management has obtained a commitment for $500 million of financing, which is being led by Morgan Stanley Senior Funding. It will be used to fund the transaction and for general corporate purposes, including repurchases of its common stock. The transaction is expected to close in early 2016.