NASHVILLE, Tenn., July 1, 2022
/PRNewswire/ -- AllianceBernstein Holding L.P. (NYSE: AB) and
AllianceBernstein L.P., a leading research and global investment
management firm, today announced that it has completed the
acquisition of CarVal Investors ("CarVal"). AB announced its
intention to acquire CarVal on March 17,
2022.
Headquartered in Minneapolis,
Minn., CarVal is a global private alternatives investment
manager with approximately $15
billion in assets under management ("AUM")(1),
primarily focused on opportunistic and distressed credit, renewable
energy infrastructure, specialty finance and transportation
investments.
"We are pleased to complete this acquisition of global manager
CarVal Investors, which expands AB's private markets platform to
$50 billion in AUM, underscoring our
commitment to accelerating the growth of our Private Alternatives
business, with our partner Equitable," said AB President and CEO
Seth Bernstein. "From CarVal's
unwavering commitment to clients to their collaborative culture and
dynamic leadership, this acquisition strongly aligns with our
firm's strategic priorities. We look forward to all that we will
accomplish together as one team."
Following the announcement in March, client activity and
fundraising momentum has been strong, with over $2.1 billion raised by CarVal across their
diverse product line-up.
As of today, CarVal has officially been rebranded as AB CarVal
Investors. For more information on the acquisition, please
reference the March press release.
(1) AUM of CarVal comprised of approximately
$11.7 billion in fee-earning AUM and
$3.7 billion in fee-eligible AUM. Pro
forma AUM of AB comprised of approximately $37.6 billion in fee-earning AUM and $12.6 billion in fee-eligible AUM. Figures
may not sum due to rounding. Numbers as of May 31, 2022.
About AllianceBernstein
AllianceBernstein is a leading global investment management firm
that offers high-quality research and diversified investment
services to institutional investors, individuals, and private
wealth clients in major world markets. As of May 2022, AllianceBernstein had $687 billion in assets under management.
Additional information about AB may be found on our website,
www.alliancebernstein.com.
Cautions Regarding Forward Looking
Statements
Various statements in this news release relating to the
acquisition by AB of CarVal are "forward-looking statements" within
the meaning of the Private Securities Litigation Act of 1995. These
statements, which are subject to risks, uncertainties and other
factors that could cause actual results to differ materially from
future results expressed or implied by such forward-looking
statements, concern expected growth, client growth and stockholder
benefits, key assumptions, revenue realization, financial benefits
or returns and accretion and integration costs. The most
significant transaction-related and other risk factors that may
cause actual results to differ materially from future results
expressed or implied by our forward-looking statements include,
among other risks disclosed in AB's public filings with the U.S.
Securities and Exchange Commission: the completion and integration
of the acquisition may adversely impact CarVal's business
operations (including the threatened or actual loss of employees,
clients or suppliers); and the anticipated benefits of the
transaction, including the realization of revenue, accretion, and
financial benefits or returns, may not be fully realized or may
take longer to realize than expected, including if AB units to be
issued after the date hereof trade at a price below anticipated
levels. We caution readers to carefully consider such
factors.
Further, these forward-looking statements speak only as of
the date on which such statements are made; we undertake no
obligation to update any forward-looking statements to reflect
events or circumstances after the date of such statements. For
further information regarding these forward-looking statements and
the factors that could cause actual results to differ, see "Risk
Factors" and "Cautions Regarding Forward Looking Statements" in
AB's Form 10-K for the year ended December
31, 2021, and subsequent Forms 10 Q. Any or all of the
forward-looking statements made in this news release, Form 10-K,
Forms 10 Q, other documents we file with or furnish to the SEC, and
any other public statements we issue, may turn out to be wrong. It
is important to remember that other factors besides those listed in
"Risk Factors" and "Cautions Regarding Forward Looking Statements,"
and those listed above, could also adversely affect our revenues,
financial condition, results of operations and business
prospects.
View original
content:https://www.prnewswire.com/news-releases/alliancebernstein-completes-acquisition-of-global-private-alternatives-manager-carval-investors-301579704.html
SOURCE AllianceBernstein