RidgeWorth Investments' employees have partnered with Lightyear Fund III, an investment fund affiliated with Lightyear Capital, to jointly acquire RidgeWorth from SunTrust Banks for up to $265 million, confirmed Lightyear Capital Chairman Donald B. Marron in an e-mail.
The sale price consists of up to $245 million to be paid at closing with the potential for up to $20 million in additional proceeds based on retention of certain assets.
Under the terms of the deal, which is expected to close in the second quarter of 2014, RidgeWorth will become a semi-independent investment firm with equity ownership by employees. Lightyear Fund III will be the majority owner.
