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Rating:Putnam Lovell Buys Minority Stake in Manager Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, April 16, 2003

Putnam Lovell Buys Minority Stake in Manager

by: Sean Hanna, Editor in Chief

Putnam Lovell Equity Partners has purchased a minority stake in Atlantic Asset Management. The San Francisco-based firm bought the stake in from Mizuho Corporate Bank in a deal that should close in June. The price of the deal and other terms was not disclosed.

The deal comes even as Donald Putnam, one of the Putnam Lovell's founders, has been on the conference circuit sharing his view that prices on asset managers may remain at discounted levels for another one to three years. He noted that firms are selling at a discounted multiple to their Ebitda at a time when the Ebitda they are reporting is falling.

Stamford, Conn.-based Atlantic manages some $9 billion in mostly fixed income and alternative assets. It employees 54 people. Putnam Lovell NBF Private Equity now holds stakes in six asset management and financial services firms. businesses.  

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