Putnam Lovell Equity Partners, a private equity fund, will acquire Berkeley Capital Management from London Pacific Group. According to a statement from London Pacific, the purchase price will be $7.75 million in cash, with an additional $1 million cash installment to be paid Dec. 31. The deal is expected to close May 15.
Berkeley Capital will retain its name, separate office and 17 employees. It manages $1.1 billion in value and growth equities and balanced strategies for a combination of institutional and other clients; it will continue to subadvise some portfolios for London Pacific.
Berkeley CEO James Landau, President John Hart, and other key employees will own a share of the company. Jeffrey D. Lovell, chairman of Putnam Lovell NBF Private Equity, will become BCMs chairman. Cameron L. Miller, a Putnam Lovell NBF Private Equity principal, will join BCMs board. The private equity fund will provide additional capital to BCM to fund the firms expansion.