Affiliated Managers Group acquired a majority stake for $247 million in growth equity manager Friess Associates, which has $7.1 billion in asset under management. AMG purchased a 51% interest in Friess and will acquire an additional 19% in three years at a valuation based on the then-current business. The remaining 30% will be owned by 11 Friess managing partners, including company founder Foster Friess and CIO Bill DAlonzo.
Friess subadvises the Brandywine Funds and also manages about $2 billion in U.S. tax-exempt institutional assets.
Last month, AMG purchased a majority stake in Boston-based Welch & Forbes. Following the closing of the two recent deals, AMG would have $85 billion in assets under management.