Peppertree Capital Management to Be Acquired by TPG
AMG has announced the sale of its minority stake in Peppertree Capital Management to TPG Inc. for approximately $240 million. Peppertree, founded in 2004 by Ryan Lepene and Howard Mandel, specializes in digital infrastructure investments, particularly wireless communications towers. The transaction marks the successful conclusion of AMG's strategic partnership with Peppertree, during which AMG provided capital formation and strategic support to enhance Peppertree's growth. The deal is expected to close in Q3 2025, subject to customary closing conditions.
AMG ha annunciato la vendita della sua partecipazione di minoranza in Peppertree Capital Management a TPG Inc. per circa 240 milioni di dollari. Peppertree, fondata nel 2004 da Ryan Lepene e Howard Mandel, è specializzata in investimenti nelle infrastrutture digitali, in particolare nelle torri per le comunicazioni wireless. L'operazione segna la conclusione positiva della partnership strategica tra AMG e Peppertree, durante la quale AMG ha fornito capitale e supporto strategico per favorire la crescita di Peppertree. La chiusura dell'accordo è prevista per il terzo trimestre del 2025, subordinata alle consuete condizioni di chiusura.
AMG ha anunciado la venta de su participación minoritaria en Peppertree Capital Management a TPG Inc. por aproximadamente 240 millones de dólares. Peppertree, fundada en 2004 por Ryan Lepene y Howard Mandel, se especializa en inversiones en infraestructura digital, especialmente torres de comunicaciones inalámbricas. La transacción representa la exitosa conclusión de la asociación estratégica de AMG con Peppertree, durante la cual AMG proporcionó capital y apoyo estratégico para impulsar el crecimiento de Peppertree. Se espera que la operación se cierre en el tercer trimestre de 2025, sujeta a las condiciones habituales de cierre.
AMG는 약 2억 4천만 달러에 Peppertree Capital Management의 소수 지분을 TPG Inc.에 매각한다고 발표했습니다. 2004년 Ryan Lepene와 Howard Mandel이 설립한 Peppertree는 디지털 인프라 투자, 특히 무선 통신 타워에 특화되어 있습니다. 이번 거래는 AMG가 Peppertree의 성장 촉진을 위해 자본 조달과 전략적 지원을 제공하며 맺은 전략적 파트너십의 성공적인 마무리를 의미합니다. 거래는 통상적인 종료 조건을 충족하는 것을 전제로 2025년 3분기에 완료될 예정입니다.
AMG a annoncé la cession de sa participation minoritaire dans Peppertree Capital Management à TPG Inc. pour environ 240 millions de dollars. Fondée en 2004 par Ryan Lepene et Howard Mandel, Peppertree est spécialisée dans les investissements en infrastructures numériques, notamment les tours de communications sans fil. Cette transaction marque la conclusion réussie du partenariat stratégique entre AMG et Peppertree, au cours duquel AMG a apporté des capitaux et un soutien stratégique pour favoriser la croissance de Peppertree. La clôture de l'accord est prévue pour le troisième trimestre 2025, sous réserve des conditions habituelles de clôture.
AMG hat den Verkauf seiner Minderheitsbeteiligung an Peppertree Capital Management an TPG Inc. für etwa 240 Millionen US-Dollar bekannt gegeben. Peppertree, gegründet 2004 von Ryan Lepene und Howard Mandel, ist auf Investitionen in digitale Infrastruktur spezialisiert, insbesondere auf Funkkommunikationstürme. Die Transaktion markiert den erfolgreichen Abschluss der strategischen Partnerschaft zwischen AMG und Peppertree, während der AMG Kapital und strategische Unterstützung zur Förderung des Wachstums von Peppertree bereitstellte. Der Abschluss des Geschäfts wird für das dritte Quartal 2025 erwartet, vorbehaltlich der üblichen Abschlussbedingungen.
- Sale of minority stake in Peppertree to generate $240 million for AMG
- Successful exit and strategic outcome for AMG's investment
- Transaction represents positive return on investment through Peppertree's growth
- Loss of future revenue stream from Peppertree partnership
- Reduction in AMG's digital infrastructure investment exposure
Insights
AMG selling its Peppertree stake to TPG for $240 million, completing its strategic investment partnership with a monetization event.
This transaction represents a concrete monetization event for AMG, which is selling its minority stake in Peppertree Capital Management as part of TPG's acquisition of the firm. AMG will receive
Peppertree, founded in 2004, specializes in digital infrastructure investments with a focus on wireless communications towers - a sector that has seen significant growth with the expansion of mobile networks and 5G technology. The press release frames this as the successful culmination of AMG's partnership model, where they take minority positions in investment management firms and provide support for growth.
Both parties express satisfaction with the partnership. AMG's CEO Jay Horgen characterizes it as "a successful outcome for all stakeholders," while Peppertree's co-Presidents acknowledge that the partnership "enhanced our business and contributed to our firm's ongoing success."
The transaction appears to follow AMG's established strategy of providing capital and support to specialized investment managers, helping them grow, and eventually participating in the value creation through exits. This represents one full cycle of AMG's investment approach, demonstrating how their partnership model operates in practice.
Without details on AMG's initial investment amount or timing, we can't assess the return profile, but the
Marks Successful Culmination of AMG Partnership
WEST PALM BEACH, Fla., May 06, 2025 (GLOBE NEWSWIRE) -- AMG, a strategic partner to leading independent investment management firms globally, today announced that it has entered into an agreement to sell its equity interest in Peppertree Capital Management, Inc. (“Peppertree”) as part of the announced acquisition of Peppertree by TPG Inc.
Founded in 2004 by co-Presidents Ryan Lepene and Howard Mandel, Peppertree is a leading specialized digital infrastructure investment firm with a focus on wireless communications towers. Since AMG’s minority investment, Peppertree has grown and developed its business, including through the support of AMG’s capital formation and strategic capabilities.
“We are so pleased to have partnered with Ryan, Howard, and the Peppertree team, collaborating to magnify the firm’s growth and success, and to have supported Peppertree in accomplishing its strategic objectives,” said Jay C. Horgen, President and Chief Executive Officer of AMG. “AMG’s alignment with the partners of Peppertree, through our minority interest in the business, has resulted in a successful outcome for all stakeholders. We wish the Peppertree team the best going forward.”
“Our partnership with AMG has enhanced our business and contributed to our firm’s ongoing success,” said Mr. Lepene and Mr. Mandel, co-Presidents of Peppertree. “We have greatly valued AMG’s culture of partnership, including the team’s support in our pursuit of a strategic outcome that will benefit our clients and partners.”
Pursuant to the terms of the agreement, AMG is expected to receive total consideration of approximately
The transaction is expected to close in the third quarter of 2025, subject to customary closing conditions.
About AMG
AMG (NYSE: AMG) is a strategic partner to leading independent investment management firms globally. AMG’s strategy is to generate long-term value by investing in high-quality independent partner-owned firms, through a proven partnership approach, and allocating resources across AMG's unique opportunity set to the areas of highest growth and return. Through its distinctive approach, AMG magnifies its Affiliates' existing advantages and actively supports their independence and ownership culture. As of December 31, 2024, AMG’s aggregate assets under management were approximately
Certain matters discussed in this press release issued by Affiliated Managers Group, Inc. (“AMG” or the “Company”) may constitute forward-looking statements within the meaning of the federal securities laws, and could be impacted by a number of factors, including those described under the section entitled “Risk Factors” in AMG’s most recent Annual Report on Form 10-K, as such factors may be updated from time to time in the Company’s periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. AMG undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This release does not constitute an offer of any products, investment vehicles, or services of any AMG Affiliate. From time to time, AMG may use its website as a distribution channel of material Company information. AMG routinely posts financial and other important information regarding the Company in the Investor Relations section of its website at www.amg.com and encourages investors to consult that section regularly.
* Total consideration is based on the TPG closing share price on May 2, 2025, and includes approximately
AMG Media & Investor Relations:
Patricia Figueroa
(617) 747-3300
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