In terms of the agreement, Silvercrest will pay $45 million, followed by $26 million over a period of four years. This is reliant on if Cortina meets specified benchmarks according to an 8-K Silvercrest filed with the SEC.
Silvercast, the company who has acquired Cortina, was founded in 2002. The company now has offices in New York, Boston, California, New Jersey, Virginia and Wisconsin.
Richard R Hough III, Chairman and CEO of Silvercrest commented “We have long sought the right partner to establish an innovative and high-calibre growth equity capability at the firm”
Our new colleagues and partners from Cortina exemplify the entrepreneurial spirit and strong intellectual capital we seek to foster at Silvercrest. We are proud to have the investment professionals from Cortina as Silvercrest partners who are committed to their investment craft, to each other and to our partnership. We are excited to grow and develop their strategies to the benefit of our clients and shareholders alike.
John Potter, a Founding Principal of Cortina commented “We established Cortina fifteen years ago in partnership with Byron Roth and Roth Capital with a mission to provide superior performance and service to institutional and high net worth clients. Silvercrest’s mission and culture align with Cortina’s commitment to client care, associate development and investment performance. This combination is a natural fit, enabling a seamless continuation of service excellence that clients deserve.”