MutualFundWire.com: A Connecticut Firm Looks to Raise $175MM
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Monday, September 09, 2013|
A Connecticut Firm Looks to Raise $175MM
Virtus [profile] plans to conduct a public offering of $175 million of its common stock.
The offering is expected to price on September 11. Underwriters will have a 30-day option to purchase an additional 15 percent of shares to cover over-allotments.
Goldman, Sachs and Morgan Stanley are joint bookrunning managers; BofA Merrill Lynch is also a bookrunning manager.
UBS, Citgroup and RBC Capital Markets are senior co-managers and Raymond James, Sandler O’Neill and Wells Fargo are co-managers.
In a statement, company officials said that the money raised will "will be used to seed new investment strategies, including mutual funds; investing in potential inorganic growth opportunities, including the addition of new investment capabilities; and maintain a working capital balance appropriate for the company’s size and growth."
The SEC filing for the offering can be found here.
Virtus has eight affiliated managers: Duff & Phelps Investment Management Co., Euclid Advisors, Kayne Anderson Rudnick Investment Management, Kleinwort Benson Investors International, Newfleet Asset Management, Newfound Investments, Rampart Investment Management and Zweig Advisers.
The firm, which spun from off the Phoenix Companies in 2008, raised $30 million in September 2009, and filed to raise up to another $100 million in April 2010.
Here is the press release:
Virtus Investment Partners Announces Proposed $175 Million Public Offering of Common Stock
Hartford, CT, September 9, 2013 – Virtus Investment Partners, Inc. (NASDAQ: VRTS), which operates a multi-manager asset management business, today announced that it has commenced, subject to market conditions, a public offering of $175 million of its common stock. Virtus will grant the underwriters a 30-day option to purchase up to an additional 15 percent of the number of shares offered at the public offering price.
Virtus intends to use the net proceeds of this offering to expand its seed capital program for new investment strategies and funds; invest in other growth opportunities; and for general corporate purposes.
Goldman, Sachs & Co. and Morgan Stanley & Co. LLC will act as joint lead bookrunning managers. BofA Merrill Lynch will also serve as bookrunning manager. UBS, Citigroup and RBC Capital Markets will act as senior co-managers and Raymond James, Sandler O’Neill and Wells Fargo will act as co-managers for the offering.
An automatically effective registration statement and a preliminary prospectus supplement relating to these securities have been filed with the Securities and Exchange Commission. The offering is being made only by means of a prospectus. Copies of the preliminary prospectus supplement and accompanying prospectus may be obtained from:
Goldman, Sachs & Co.
200 West Street
New York, NY 10282
Attention: Prospectus Department
Telephone: (866) 471-2526
Morgan Stanley Prospectus Department
180 Varick Street, 2nd Floor
New York, NY 10014
Attention: Prospectus Dept.
Telephone: (866) 718-1649
This press release is for informational purposes only and shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Virtus Investment Partners
Virtus Investment Partners (NASDAQ: VRTS is a distinctive partnership of boutique investment managers singularly committed to the long-term success of individual and institutional investors. Virtus offers access to a variety of investment styles across multiple disciplines to meet a wide array of investor needs, and provides products and services through affiliated managers and select subadvisers, each with a distinct investment style, autonomous investment process and individual brand. Its affiliated managers include Duff & Phelps Investment Management Co., Euclid Advisors LLC, Kayne Anderson Rudnick Investment Management, LLC, Kleinwort Benson Investors International, Ltd., Newfleet Asset Management, LLC, Newfound Investments, LLC, Rampart Investment Management Co., LLC, and Zweig Advisers LLC. Additional information can be found atwww.virtus.com.
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