Aquiline Capital Partners and Genstar Capital Management have closed their buy of Genworth Wealth Management for $412.5 million. The seller is Genworth Financial. The deal, which was announced in March, includes Genworth Financial Wealth Management and Altegris.
NEW YORK and SAN FRANCISCO, September 3, 2013 – Aquiline Capital Partners LLC, a New York-based private equity firm investing in the financial services sector, and Genstar Capital Management, LLC, a middle market private equity firm that focuses on investments in selected segments of the financial services, software, healthcare, and industrial technology industries, today announced the completion of the previously announced acquisition of Genworth Wealth Management for $412.5 million from Genworth Financial, Inc. (NYSE: GNW). The acquisition includes both of Genworth Wealth Management’s businesses: Genworth Financial Wealth Management (“GFWM”), an investment management and services platform, and Altegris, a premier provider of liquid alternative investments.
About Aquiline Capital Partners LLC
Aquiline is a private equity firm based in New York investing in financial services enterprises in industries such as property and casualty insurance, banking, securities, asset management, life insurance and financial technology. Aquiline seeks to add value to its portfolio companies through strategic, operational, and financial guidance.
About Genstar Capital Management, LLC
Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for 25 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of operating executives and strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar has more than $4 billion of committed capital under management and targets investments focused on selected sectors within the financial services, software, healthcare, and industrial technology industries.