France-based BNP Paribas Asset Management has decided to sell its subsidiary in Finland, Alfred Berg Asset Management Finland to a local company but struck a deal with the buyer to retain indirect exposure to the business. Finland's Elite Asset Management is acquiring 100 percent of the shares in Alfred Berg Asset Management Finland from Alfred Berg Asset Management AB – the French firm's Nordic subsidiary. Elite, in turn, is financing most of the acquisition by issuing new A- and B-shares to Alfred Berg Asset Management AB – which makes BNP Paribas Asset Management a 19 percent owner of Elite.
The tranaction also sees Elite becoming the exclusive distributor of BNP Paribas Asset Management's inveestment products in Finland.
"Elite is a well-known asset manager in Finland. Through this partnership, we bring access to an extensive range of global investment solutions to Elite's clients while Elite enhances our client access in Finland", says Vincent Trouillard-Perrot, CEO of Alfred Berg Group.
"It is our ambition that both Elite's and Alfred Berg's existing and future clients will be offered a comprehensive product range, a dedicated local service and superior client experiences. In addition, BNP Paribas Asset Management will be a supplementary professional shareholder who is willing to support Elite's long-term development, alongside our other shareholders", says Daniel Pasternack, CEO of Elite.
The transaction is estimated to increase the 2018 EBITDA of Elite with approximately 2.5-3.0 million euro resulting in an estimated total EBITDA of 5-6 million euro for 2018
Back in 2013 Danish Asset Manager, Formuepleje, acquired the Danish entity of Alfred Berg from BNP Paribas.