Mackenzie Financial Corporation, an IGM Financial subsidiary, and Great-West Lifeco announced Oct. 29 that they have closed the acquisition of an interest in Northleaf Capital Partners Ltd.
Northleaf is a global private markets investments firm. The acquisition of the stake will create a strategic relationship among the three organizations.
The relationship with Northleaf was first announced in September and will provide Mackenzie and Lifeco with a significant presence in the growing private markets investment industry and Northleaf with the opportunity to accelerate its growth strategy, says the announcement released by Mackenize and Lifeco.
“The transaction includes Mackenzie and Lifeco jointly acquiring a 49.9 per cent non-controlling voting interest and a 70 per cent economic interest in Northleaf through an acquisition vehicle 80 per cent owned by Mackenzie and 20 per cent owned by Lifeco. Northleaf's senior leadership will maintain a 50.1 per cent voting interest in the firm, which will remain employee-controlled and operationally independent,” say the companies.
Mackenzie and Lifeco will have an obligation and right to purchase an additional equity and voting interest in the firm commencing in approximately five years and extending into future periods.