Goodwin Procter recently advised TA Associates on the announced sale of Numeric Holdings to Man Group. According to the terms of the agreement, Man will pay $219 million in cash at completion, and up to $275 million more payable to various Numeric management and employees at the five year anniversary of the completion of the transaction.
Numeric, based in Boston, Mass., is a quantitative equity manager with $14.7 billion in funds under management as of May 31, 2014 and an EBITDA of $47 million for the year ended December 31, 2013. The firm was founded in 1989 and manages four main categories of equity strategies across long only and alternatives. TA Associates acquired a minority interest in Numeric in 2004.
Boston, Mass.-based TA Associates is a global growth private equity firms. The firm has invested in more than 430 companies around the world and raised $18 billion in capital. TA Associates focuses on companies in the technology, financial services, business services, healthcare and consumer sectors and has offices in Boston, Mass., Menlo Park, Calif., London, Mumbai and Hong Kong.
Man Group is an alternative investment management business. As of March 31, 2014, the firm had $55 billion in assets under management. Man is headquartered in London with office around the world and is listed on the London Stock Exchange. The original business was founded in 1783.
For more information, please read the Man press release. Media coverage of the transaction included articles in The Wall Street Journal, New York Times, The Telegraph and Pensions & Investments, among others.