Evanston Capital Management's senior leadership team completed the buyout of the minority equity stake acquired by private equity manager TA Associates in 2010.
Terms of the deal, including the size of the minority stake held by TA and the price Evanston Capital paid to regain full control of the company, are not being disclosed, said Philip Nunes, a spokesman for the hedge funds-of-funds manager.
Evanston Capital executives contributed new equity capital to finance the deal, and the firm plans no changes to its management team or investment management processes, Mr. Nunes said.
Adam Blitz, Evanston Capital's CEO and CIO, said in a company news release that employees are excited about the firm's return to independent employee ownership.
"This management buyout allows us to maintain our culture, our identity and our strong alignment with the interests of our clients," Mr. Blitz said in the release. "We appreciate TA exiting its ECM investment through a transaction which minimizes disruption for our clients."
Evanston Capital managed $4.2 billion in hedge funds of funds and customized strategies for institutional and high-net-worth investors when TA acquired its stake. Assets under management now total $3 billion.