Westfield Capital Management Company, L.P. (“Westfield”) announced an agreement today with Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) in which the management team of Westfield will complete the purchase of the firm now, instead of in 2014 as contemplated in a previously-announced agreement. Under the terms of the agreement, Westfield will make a cash payment to Boston Private financed by Westfield’s management team and also through debt financing. Additionally, Boston Private will receive 12.5% of Westfield’s revenue stream for an eight year period. The transaction is expected to close later this year, subject to the satisfaction of certain conditions, including financing.
Will Muggia, President, CEO and CIO of Westfield, expressed his excitement about the deal: “It has been a long term goal of mine to return the firm to a 100% employee owned organization. We have a group of professionals who try to make a difference for our clients every day, and I am happy that we have been able to further ensure the long term stability in our organization. I am also pleased that we will be able to continue our relationship with Tim Vaill, Walt Pressey and Boston Private. Boston Private has been a welcome partner and has allowed us to focus on adding value for our clients. Equity ownership will assist us greatly in attracting and retaining the best possible talent.”
Tim Vaill, Chairman and CEO of Boston Private, commented: “The Westfield management team approached us and following considerable discussions, we both concluded that expediting this transaction aligned the interests of both parties. This transaction is a good opportunity for Boston Private to reallocate resources toward the growth of our other affiliates in New England and elsewhere across the country. We have the highest respect for Westfield and its valuable employees and wish them continued success.”
Morton L. Fearey, Partner and Director of Marketing and Client Service at Westfield noted: “We have worked hard over the years to put the right team and process in place at Westfield. The recent market environment has been a test of conviction for many in this business and the culture and team approach that we embrace at Westfield has helped us weather the storm. We feel strongly that there is no greater way to align the interests of the firm and our clients than with 100% employee ownership.” Matthew Strobeck, Partner at Westfield, added: “Management''s commitment to the future of Westfield is also underscored by our commitment to personally fund a significant portion of this transaction."
Westfield Capital Management Company, L.P.
Westfield Capital Management was founded in 1989 and is an SEC-registered investment advisor dedicated to providing quality, separate account investment management services for institutions and wealthy individuals. Currently, the firm utilizes a team approach comprised of thirteen investment professionals who are organized vertically by industry. Westfield invests growth equity portfolios across the capitalization spectrum employing in-depth, fundamental research and analysis. The Firm currently manages over $11 billion in assets. The growth of the firm is attributed to strong investment results and to the long-term relationships that we cultivate with our clients.
For more information about Westfield, visit the Company''s web site at www.westfieldcapital.com.
Contacts:
Westfield Capital Management Company, LP
Morton Fearey,
617-428-7108
mfearey@wcmgmt.com
or
Kimberly
D’Agostino, 617-428-7119
kdagostino@wcmgmt.com
