Four members of TorreyCove Capital Partners’ senior management team are buying the 80% stake in the private equity consulting firm owned by Mitsubishi Corp., said David Fann, TorreyCove’s president and CEO in an email.
In addition to Mr. Fann, managing directors Michelle Davidson, Kara King and Thomas Martin entered into an agreement on Dec. 20 to purchase Mitsubishi’s entire equity interest in TorreyCove. Terms of the deal are not being released. The deal is expected to close Feb. 28, giving the team 100% ownership of the San Diego-based firm.
Mitsubishi Corp. in 2011 acquired alternative investment consulting firm PCG Asset Management, which was renamed TorreyCove Capital Partners.
That deal gave Mitsubishi about 80% of TorreyCove and the management team, 20%.
Mr. Fann declined further comment.