AON - Investor group led by Riverside to acquire The Townsend Group from Aon | Benzinga
CLEVELAND, April 29, 2024 (GLOBE NEWSWIRE) -- The Riverside Company announced that its affiliate has signed a definitive agreement to acquire The Townsend Group ("Townsend") from Aon plc (NYSE:AON) a leading global professional services firm.
Townsend is a leading provider of global real estate and real asset investment advisory services and offers complementary investment management, advisory and capital solutions via primary funds, secondaries, co-investments and direct investments. Townsend is a leading adviser to global public and private pension plans, insurers, sovereign wealth funds, endowments and foundations. The firm has a global footprint with more than 110 employees located in Cleveland, London, Hong Kong and San Francisco and advises clients with real assets in excess of $218 billion (USD). The transaction represents a successful outcome for all stakeholders as part of Aon's portfolio management strategy. Townsend's prior history as a standalone business will help to ensure a swift and effective transition to its new partners.
"Townsend has always been an innovator and we have grown our business through thoughtful collaboration with our clients and an integrated team approach, with a senior team averaging 20 years of working together," said Anthony Frammartino, president of Townsend who will be named chairman and CEO of the firm upon the closing of the transaction. "This new partnership ensures continuity and exciting growth opportunities for our clients and further development opportunities for our colleagues. We are grateful for the continued support of our clients globally and ...