Keeley Asset Management Corp. (KAMCO) announced Friday that it entered into a definitive agreement for the transfer of the voting shares of its parent company, Joley Corp., to TA Associates.
In addition to TA's ownership, certain KAMCO employees will be participating with TA as non-controlling equity owners. The transfer is subject to the satisfaction of certain regulatory approvals and is expected to be completed in September.
In July 2008, KAMCO completed a minority leveraged recapitalization with TA, a leading global growth private equity firm with a strong track record of successful investments in the asset management industry.
"We were excited in 2008 to engage TA's proven asset management industry expertise and experience," Kevin Keeley, who was recently named president of KAMCO upon the death of his father and founder of the firm, John Keeley Jr., said. "The transfer of ownership to TA, which includes non-controlling equity interests going to our key employees, will complete our transition from sole ownership by the Keeley family."
Keeley will remain president of KAMCO after the close of the transaction.