PE Deals

MDP to acquire Wilmington Trust’s CIT business

The transaction is expected to close no later than mid-2023.

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  • Raymond James is acting as financial advisor to M&T Bank while UBS Investment Bank and J.P. Morgan Securities LLC are acting as financial advisors to MDP
  • When the deal closes, the CIT business will become an independent company with a brand new name
  • Wilmington Trust is a subsidiary of M&T Bank Corporation

Madison Dearborn Partners has agreed to acquire Wilmington Trust’s Collective Investment Trust business. No financial terms were disclosed.

When the deal closes, the CIT business will become an independent company with a brand new name.

Wilmington Trust is a subsidiary of M&T Bank Corporation.

The CIT business, part of Wilmington Trust’s Institutional Client Services division, is an provider of third-party trustee and administrative services to asset managers and the employer-sponsored retirement market.

“We are thrilled to work with Wilmington Trust’s leading CIT team and leverage our industry expertise to support the business’s next chapter in the large and growing CIT market,” said Vahe Dombalagian, managing director and co-head of MDP’s financial and transaction services team in a statement. “As clients increasingly demand innovative and tailored retirement fund solutions, the Wilmington Trust CIT business will be well-positioned as an independent company to expand new and existing relationships with a focus on helping plan sponsors navigate complex retirement and regulatory challenges.”

The transaction is expected to close no later than mid-2023.

Raymond James is acting as financial advisor to M&T Bank while Debevoise & Plimpton is serving as its legal counsel. UBS Investment Bank and J.P. Morgan Securities LLC are acting as financial advisors to MDP with Latham & Watkins LLP and Eversheds Sutherland (US) LLP providing legal counsel.

Wilmington Trust maintains offices throughout the U.S. and internationally in London, Paris, Dublin, and Frankfurt.

M&T Bank Corporation is a financial holding company headquartered in Buffalo, New York.

Based in Chicago, MDP was formed in 1992. The firm has raised aggregate capital of over $28 billion and has completed over 150 platform investments.