Reinhart Partners has terminated an agreement under which Spouting Rock Asset Management would have acquired about a 70% stake in Reinhart in a multistep transaction over a two-year period, according to an SEC filing dated July 7.
Under terms of the original agreement from Jan. 10, the first closing was to have occurred in the first quarter of 2023.
At the time of the original announcement, financial terms of the deal were not disclosed.
A spokeswoman for Spouting Rock declined to comment on the Reinhart termination.
Reinhart could not be immediately reached for further details.
Based in Bryn Mawr, Pa., Spouting Rock has about $2.3 billion in assets under management.
Based in Milwaukee, Reinhart is an independent investment firm and managed about $2.5 billion in assets as of Nov. 30. The firm serves institutions and high-net-worth individuals.