TA Associates purchased its stake in DNCA from majority shareholder Gruppo Banca Leonardo, a Milan, Italy-based investment bank.
Following the investment, the shareholder base is now comprised of TA Associates, who will become the largest shareholder, the incumbent management team and Gruppo Banca Leonardo, which will hold around 10% of the equity.
The management team, which will continue to be led by executive chairman Joseph Chatel and CEO and CIO Jean-Charles Mériaux, will increase their shareholding in excess of 40% of the equity.
The investment aims to help DNCA to continue to expand in France and in Europe.
Founded in 2000 by Xavier Delaye, Charles Nouailhetas and Joseph Chatel, DNCA is a large independent fund management boutique in France with €5.8 billion in funds under management. The company, which is staffed by 45 employees, now manages a diverse range of equity, bond, convertible and absolute return products investing both in France and internationally.
In conjunction with the transaction, Christopher Parkin, Director, TA Associates Ltd., and Ajit Nedungadi, a Managing Director in TA’s London office, will join DNCA Finance’s Board of Directors.
Morgan Stanley acted as financial adviser to TA Associates.