Crestview Partners has won the auction for RS Investments, two sources said.
Crestview is expected to merge RS with portfolio company Victory Capital. It’s not clear how much Crestview is paying but press reports pegged the sale of RS at up to $275 million.
Guardian Life Insurance Company of America put RS Investments up for sale in June, Reuters News reported. Morgan Stanley advised on the sale.
RS, of San Francisco, is an investment manager with $18.3 billion in assets under management as of Sept. 30, the firm’s website said. Guardian Life bought RS in 2006 when the asset manager reportedly had $11.8 billion in AUM.
Other bidders included RidgeWorth Investments, which is backed by Lightyear Capital, as well as Lovell Minnick Partners.
New York-based Crestview, a private equity firm, collected more than $3 billion for its third fund in February. The firm invests in financial services, media, healthcare, industrials and energy. In 2013, Crestview tried to sell Munder Capital Management, also an asset manager, but pulled the deal after getting low bids. Crestview then merged Munder with Victory last year.
Officials for Crestview, Guardian, RS and Lightyear declined comment. Victory and Morgan Stanley could not immediately be reached for comment.
Action: Call Crestview at (212) 906-0700
Photo courtesy of Shutterstock