Guardian Capital Group Ltd. of Toronto has acquired a majority interest in Salt Lake City-based Alta Capital Management LLC. Guardian will pay $45 million at closing for 70 percent of Alta with contingent amounts up to $10 million within four years, according to a release. The transaction is expected to close in early 2018 and will add over $3 billion to Guardian’s assets under management.
“We’re very pleased to partner with the Alta principals to build on our desired commitment to strengthen and enhance our presence in the United States,” said George Mavroudis, Guardian’s president and CEO. “Very importantly, our firms share the same cultural values and we are thrilled to be adding a firm of this quality to the Guardian Capital group of companies. Serving a common client profile of retail wrap intermediaries, institutional and private wealth clients, the combined organization will enjoy greater scale, which is critical to being competitive in today’s investment industry.”
Following the completion of the acquisition, Alta will continue to provide investment services to its U.S. investors from the Salt Lake City office.