North Square Investments
Transaction Summary
On July 22, 2025, Azimut Group (“Azimut”) announced it had signed a binding agreement to acquire 100% of North Square Investments (“NSI”), at an enterprise value of $165 million. The transaction comprised of a minimum equity purchase price of $110 million, $60 million of which was paid at closing, and $50 million deferred over four years. Consideration also included an earn-out and management incentive plan, to bring total equity consideration to approximately $160 million. As part of the transaction, Azimut will contribute its 51% stake in Kennedy Capital Management, which manages $4.5 billion in assets.
North Square Investments, LLC
Founded in 2018 and headquartered in Chicago, Illinois, NSI is an independent, multi-boutique investment firm dedicated to delivering differentiated active investment strategies to the market. NSI has an experienced senior management team comprised of seasoned professionals, a board composed of industry veterans, including John Amboian, Neil Cummins and Brian Gaffney, and is backed by Estancia Capital Partners. As of June 30, 2025 NSI had more than $2.6 billion of assets under management in 13 mutual funds, one closed end fund and one ETF. With NSI's ownership interests (majority and minority, respectively) in the distinctly branded firms of CS McKee and Oak Ridge Investments, collective assets under management and advisement totaled approximately $16.0 billion.
Azimut Holding S.p.A. (AZM.IM)
Azimut is an independent, global group specializing in asset management across public and private markets, wealth management, investment banking, and fintech, serving private and corporate clients. Listed on the Milan Stock Exchange (AZM.IM), the Group is a leading player in Italy and operates in 20 countries worldwide, with a focus on emerging markets. The shareholder structure includes approximately 2,000 managers, employees, and financial advisors bound by a shareholders' agreement that controls around 22% of the company, while the remaining shares are in free float. The Group comprises a network of companies active in the management, distribution, and promotion of financial and insurance products, with registered offices in Italy, Australia, Brazil, Chile, China and Hong Kong, Egypt, Ireland, Luxembourg, Morocco, Mexico, Monaco, Portugal, Saudi Arabia, Singapore, Switzerland, Taiwan, Turkey, the United Arab Emirates and the United States.
