New York- and Houston-based Avista Capital Partners has agreed to acquire Phillips Investment Resources, a Rockville, Maryland-based company that provides “subscription-based investment advice”, from its parent company, Phillips International, Inc., Avista said in a statement. The terms of the agreement were not disclosed.
The transaction is expected to be completed by January 31.
Phillips Investment Resources provides information to its customers through electronic newsletters, emails, websites and print newsletters, the statement said. It has 16 expert advisors and approximately 220,000 subscribers. Its newsletters include Louis Navellier’s Blue Chip Growth, Tobin Smieth’s ChangeWave Investing, Dan Wiener’s The Independent Adviser for Vanguard Investors and Richard Band’s Profitable Investing, the statement said.
The company’s management team, led by John Coyle and Thomas Phillips, the president and chairman of Phillips Investment Resources, respectively, will remain in place, the statement said. The company will also remain based in Rockville.
Avista, founded in 2005 as a spinout of DLJ Merchant Banking, the private equity arm of Credit Suisse First Boston, specialises in minority investments in the media, healthcare and energy sectors. The firm agreed to buy The Star Tribune Company, a Minneapolis and St. Paul, Minnesota-based media group, from The McClatchy Company, a US-based newspaper company, for approximately $530 million, last month.
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