An asset manager near Columbus, Ohio is about to acquire a nearby ally, and the team is on the hunt for more. Meanwhile, they just celebrated a big anniversary.
| Robert Sherman Meeder, Jr.|
Meeder Investment Management
President and CEO
, president and CEO of Meeder Investment Management
], confirms that the Dublin, Ohio-based firm has agreed to acquire Worthington, Ohio-based United American Capital Corporation
. Meeder declined to share the pricing and terms of the deal, which is expected to close in mid November and which was done directly (without investment bankers). And Meeder is "absolutely" interested in more M&A, Meeder says.
"We're looking at acquisitions as one part of our long-term strategy to grow the business," Meeder tells MFWire
. "It's got to be the right strategic fit."
Meeder sees three types of M&A opportunities of interest: 1) small mutual fund firms "that are having trouble with distribution"; 2) asset managers that need a succession strategy; and 3) asset managers that specialize in asset management for the public sector. That third category is where both of Meeder's acquisitions so far, including the pending UACC deal, fall.
The five-person UACC team, led by owner Dennis Yacobozzi
, will join Meeder IM as part of the deal. (Meeder IM is employee-owned, with Meeder himself owning the largest stake.) UACC has more than $2.5 billion in AUM, all in SMAs for public sector clients. Meeder IM and UACC already worked together on several accounts, Meeder says, making the deal a natural fit.
"It will make us by far the largest investment manager in the state of Ohio in this arena," Meeder says.
He praises UACC as having "a very strong investment team" and "similar beliefs" to the team at Meeder IM.
"They will be an enhancement to our existing team," Meeder says.
The deal comes after one of Meeder's mutual funds, the Meeder Muirfield Fund
its 30th anniversary on August 10. The tactical allocation fund is named after the Muirfield golf course in Meeder IM's hometown.
Meeder IM has a team of about 85 people working with more than $15 billion in AUM.
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