Private equity firms The Carlyle Group and Kelso & Co. are buying a minority stake in privately held investment bank Sandler O’Neill, Reuters reported. The financing, terms of which were not released, is designed to fund growth. The deal will close at the end of 2010, Reuters said.
(Reuters) – Sandler O’Neill, an investment bank focused on financial services, is selling a minority stake to private equity firms Carlyle Group [CYL.UL] and Kelso & Co to help fund growth, a source familiar with the deal said.
The investment bank’s current management team, led by James Dunne and Jonathan Doyle, will remain in place after the deal, the source said.
The deal is expected to close at the end of the year, the source said, who declined to be named because the transaction is not public.
(Reporting by Paritosh Bansal; Editing by Derek Caney)