One Equity Partners to buy Augusta Capital

The parties are likely to announce the merger later on September 1, according to the sources, who requested anonymity ahead of an official statement. One Equity and Augusta provided no immediate comment.

Augusta Columbia co-founder Chip Schorr will join One Equity, according to the sources. He was previously a senior managing director at Blackstone Group LP, where he focused on technology investing. He was also a managing partner at buyout firm CVC Capital Partners Ltd, where he worked with Dick Cashin, a former Olympic rower who founded One Equity and became its president.

One Equity, which separated from JPMorgan in early 2015, manages $3.5 billion in equity capital and will increase its technology expertise with the deal. Augusta Capital has been focused on investing in middle-market technology companies and corporate carve-outs or divestments.

(Reporting by Liana B. Baker, Reuters)