Fiera Capital Corporation has strengthened its private alternatives lending platform with a $74m (€65.5m) deal to buy Integrated Asset Management (IAM).
The C$136.7bn (€90.18bn) global asset manager has agreed with IAM to buy all of the shares of the $3.1bn alternative asset manager. Fiera Capital will pay $55.5m in cash and $18.5m of Fiera Capital shares.
Following the acquisition, IAM’s private debt investment team will be incorporated within Fiera Private Lending and the industrial real estate team will be joining Fiera Properties.
John Valentini, president and CEO, private alternative investments, Fiera Capital, said this acquisition further ”strengthens and diversifies” Fiera Capital’s private alternatives lending platform, bringing ”significant capabilities in private debt in addition to expanding our real estate platform”.
“We are excited to offer a leading private lending platform that is truly national and further develop our real estate investment strategies, while simultaneously driving the growth and distribution of an enhanced suite of private markets strategies.”
Jean Gamache, president, Fiera Private Lending, said: “With this acquisition, Fiera Private Lending becomes one of the leading pan-Canadian non-bank lending platforms in the country.
“In addition to an experienced team and a long track record of performance, IAM brings a complementary product offering with its long-term loans, strengthening our existing portfolio and providing Fiera Capital investors with even more opportunities for diversification.”
Peter Cuthbert, president, Fiera Properties, said: “We are acquiring a real estate business with a unique investment strategy that is complementary to Fiera Properties’ existing business.
“For our clients, this means further investment opportunities into an asset class with stable and recurring cash flows and a unique level portfolio diversification.”
John Robertson, president and CEO of IAM, said: “Joining forces with Fiera Capital creates an opportunity for IAM shareholders to realise immediate value and liquidity as well as the opportunity to participate in a larger combined company well-positioned for future growth.”