M&A · Financials · Investment Advice
Callodine Group, LLC to acquire Manning & Napier, Inc.
Announced Apr 1, 2022 · Closed Oct 21, 2022
Deal value$246M
Premium41.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$12.85 per share
Transaction
- Acquirer
- Callodine Group, LLC
- Target
- Manning & Napier, Inc.
- Buyer type
- Strategic
- Offer price per share
- $12.85
- Enterprise value
- —
- Status
- Closed Oct 21, 2022
Deal protections
- Break fee (target pays)
- $8.8M · 3.6%
- Reverse fee (buyer pays)
- $15.1M · 6.1%
- Go-shop
- Go-shop
- Financing
- Committed · Wells Fargo
Advisors
- To the acquirer
- Wells Fargo
- To the target
- PJT Partners
- PJT Partners fee
- $3.8M
Sector context · Financials
- Comparable deals
- 74 in the prior 24 months
- Premium
- 41.0% vs. 33.9% sector median
- EV / Adj. EBITDA
- Sector median 21.7x
- Break fee
- 3.6% vs. 3.6% sector median
Timeline
- AnnouncedApr 1, 2022
- Proxy filedJun 2, 2022
- Definitive proxyJun 30, 2022
- Shareholder voteAug 3, 2022
- ClosedOct 21, 2022
Valuation · fairness opinions
Trading comparables$7.50$9.50
Trading comparables$9.25$12.25
Discounted cash flow$10.00$13.00
Offer $12.85
Implied value per Manning & Napier, Inc. share by analysis, from PJT Partners.