Vedder Price is pleased to announce it served as legal advisor to Promus Holdings, LLC in connection with a strategic sale of select business lines to Waverly Advisors, LLC.
With this acquisition, Waverly has acquired the Promus Capital, Promus Access and Promus Realty lines from Promus Holdings and its subsidiaries. The acquisition brings Promus’s deep expertise in private equity and real estate to Waverly, strengthens Waverly’s wealth management and family office services for ultra-high-net-worth clients and allows the Promus team to apply its investment philosophy to a broader client base.
As part of the deal, Promus Capital’s wealth management business was integrated into Waverly, while Promus Capital Management, LLC (PCM) was formed as a new Waverly subsidiary. PCM will now build on the acquired Promus Access and Promus Realty strategies, which include primary fund allocations, buyouts, and co-investments for private equity, and real estate general partner (“GP”) solutions and opportunistic joint ventures.
This newly created partnership will combine the unique strengths of both firms to create what will be a best-in-class alternatives platform across private equity, real estate, and private credit.
The Vedder Price legal team was led by Joseph Mannon and Adam Goldman from the firm’s Investment Services Group. Additional team support involved Shareholders Adam Lewis, Matthew Larvick and Daniel Lange and Associates Olivia Liska, James Kim, Laure Sguario and Sam Alsip.
With this acquisition, Waverly has acquired the Promus Capital, Promus Access and Promus Realty lines from Promus Holdings and its subsidiaries. The acquisition brings Promus’s deep expertise in private equity and real estate to Waverly, strengthens Waverly’s wealth management and family office services for ultra-high-net-worth clients and allows the Promus team to apply its investment philosophy to a broader client base.
As part of the deal, Promus Capital’s wealth management business was integrated into Waverly, while Promus Capital Management, LLC (PCM) was formed as a new Waverly subsidiary. PCM will now build on the acquired Promus Access and Promus Realty strategies, which include primary fund allocations, buyouts, and co-investments for private equity, and real estate general partner (“GP”) solutions and opportunistic joint ventures.
This newly created partnership will combine the unique strengths of both firms to create what will be a best-in-class alternatives platform across private equity, real estate, and private credit.
The Vedder Price legal team was led by Joseph Mannon and Adam Goldman from the firm’s Investment Services Group. Additional team support involved Shareholders Adam Lewis, Matthew Larvick and Daniel Lange and Associates Olivia Liska, James Kim, Laure Sguario and Sam Alsip.