MutualFundWire.com: An $80B-AUM Firm Closes On an $8B-AUM Deal

MutualFundWire.com

The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication

Wednesday, February 2, 2022

An $80B-AUM Firm Closes On an $8B-AUM Deal

A 43-year-old, $80-billion-AUM (as of December 31) asset manager has purchased a 26-year-old, $8.3-billion-plus-AUM (also as of December 31) boutique, as expected.

Stanley C. "Stan" Moss
Polen Capital
CEO

Yesterday, Stan Moss, CEO of Polen Capital [profile], and Dave Breazzano, president and co-chief investment officer of DDJ Capital Management, confirmed that Boca Raton, Florida-based Polen has closed on its planned acquisition of 100 percent of Waltham, Massachusetts-based DDJ. The deal was initially unveiled on December 7.

Pricing and terms of the deal have not been publicly disclosed. Prior to the Polen deal, DDJ was owned by co-founder Breazzano and other DDJ team members, while Polen is primarily employee-owned (with iM Global Partner holding a minority stake).

Colchester Partners LLC and KarVen LLC advised Polen on the deal, while Berkshire Global Advisors advised DDJ. On the legal side, Greenberg Traurig LLP supported Polen and Goodwin Procter LLP supported DDJ.

DDJ, launched back in 1996, specializes in high yield and other fixed income investments and offers a single, $267.2-million-AUM mutual fund: the DDJ Opportunistic High Yield Fund. The Polen deal effectively transforms DDJ into Polen's fourth "autonomous investment franchise," focused on high yield (alongside teams that specialize in emerging markets growth, large company growth, and small company growth). Breazzano will stay on to lead the former DDJ team, and he'll join Polen's operating committee, too.

"With a talented team, distinctive value proposition, and impressive track record, the DDJ team will enhance Polen's durability and allow us to expand our investment capabilities to meet client demand for income strategies," Moss states.

"We share similar values; our team will retain its investment process and approach; and our clients will benefit from Polen's scale, infrastructure, and resources," Breazzano states.

Editor's Note: A prior version of this story got Polen Capital's age wrong. To clarify, the firm was founded in 1979, making it 43 years old this year.

Printed from: MFWire.com/story.asp?s=63958

Copyright 2022, InvestmentWires, Inc.
All Rights Reserved