Private Equity Shop Tri-Artisan In Merger Deal

Feb 12 2010 | 5:37am ET

Private equity firm Tri-Artisan Capital Partners struck a deal to be acquired by boutique investment bank Jesup & Lamont. The agreement-in-principle is not binding and remains subject to negotiation.

Under the current terms, Tri-Artisan’s equity holders—which include several other private equity firms—will get 25 million Jesup shares and $15.74 million for its cumulative preferred stock. The agreement also includes a clause stipulating an equity capital increase to finance the combined entity’s growth plans.

The new firm will be called Jesup Lamont TriArtisan. The deal is expected to close in the second quarter.

“We are very pleased to join forces with Jesup & Lamont,” Gerald Cromack, the co-managing partner of Tri-Artisan who will serve as co-CEO of the combined firm. “We believe that adding the multi-faceted securities distribution capabilities of the Jesup platform, including institutional equity, high yield and investment grade debt, and retail distribution, to Tri-Artisan's advisory and private equity investment activities and client base will provide a solid foundation to grow a next generation diversified financial services firm, configured to take advantage of the dislocation suffered over the past two years by the financial markets and by financial institutions.”


In Depth

GSAM’s Papagiannis on Liquid Alternatives

May 25 2016 | 5:07pm ET

The popularity of liquid alternatives strategies has blossomed in recent years,...

Lifestyle

From Modern Trader: Stephen Curry is a Black Swan

May 18 2016 | 7:43pm ET

What do the rise of the Internet, the sinking of the Titanic, 9/11, and Stephen...

Guest Contributor

LendingClub and the Question of Internal Hedge Funds

May 19 2016 | 8:42pm ET

Peer-to-peer lending platform LendingClub Corp. has been in the news since the firm...