MutualFundWire.com: PE Buys a Nebraska Fund Firm

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Tuesday, June 13, 2017

PE Buys a Nebraska Fund Firm

A private equity firm is buying a Nebraska fund firm, a recent SEC filing confirms.

Edson Bridges III
Bridges Investment Management
President and CEO

All of the equity of Bridges Investment Management (BIM) will be acquired by Bridges Holding Company (BHC), a newly formed holding company primarily owned by MGI Holdings Inc., a subsidiary of McCarthy Group LLC, an Omaha-based financial services firm. Under the deal, which is expected to close around July 31, Robert Bridges and Ted Bridges III, president, CEO and current majority-owner of BIM, will collectively own about 13-percent of BHC.

As of March this year, BIM had 17 employees and approximately $1.2 billion in AUM.

A spokesperson for McCarthy Group declined to comment on the deal. A spokesperson for BIM did not return calls for comment.

The transaction is not expected to result in any material changes to BIM’s investment advisory agreement with their fund, the Bridges Investment Fund. In April, the Board of Directors of the fund voted on a new investment advisory agreement between the fund and BIM. The funds' shareholders will vote later this month.

Printed from: MFWire.com/story.asp?s=56428

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