Azimut joins forces with the Bezos and Moross Families, making a Strategic Investment to develop HighPost Capital, a Consumer-Focused Private Equity Firm in the USA

No comments

Azimut Group , one of Europe’s largest independent asset managers, via its US subsidiary Azimut Alternative Capital Partners LLC, entered into agreements to acquire a minority equity interest in HighPost Capital, LLC and certain affiliated entities, a consumer-focused middle market Private Equity firm based in New York.

AACP was established in November 2019 with the purpose of partnering with US-based alternative asset managers with ca. $0.5-3bn in AUM, by providing them with permanent capital to grow and reach their greatest business potential. The transaction with HighPost is a special strategic project for the Azimut Group that is in a more initial stage of its development though with high potential to grow. AACP completed its first deal in 2020 with the acquisition of a stake in leading opportunistic private credit firm Kennedy Lewis that manages today ca. $3bn in AUM. HighPost, a private equity manager, is led by proven Private Equity and Marketing Executives David Moross and Mark Bezos, and seeks to leverage the respective skills, network and experience of its principals to create long-term value for its portfolio companies. Mr. Moross, Managing Partner and CEO of HighPost, has known and worked with Mark Bezos and his family for many years. Together, they formed HighPost in June 2019 to combine Mr. Moross’ extensive experience in operating consumer private equity firms with the Bezos family’s experience and network in the global consumer industry. Mr. Moross has been investing in the consumer goods and services, sports, and media sectors for over 30 years, and his initial foray in the category was done through his firm Sports Capital Partners LLC, a partnership with the sports marketing giant IMG. Mark Bezos, Co-Founder and Managing Partner of HighPost, serves many roles. In addition to being a founder of HighPost, he is responsible for sourcing investments, building upon his close-knit and well-connected personal network and that of the broader Bezos family. Additionally, he brings to bear his lifetime of knowledge of consumer behavior and branding, having worked as a senior executive at a number of global advertising agencies including successfully building and selling his own agency in 2006. HighPost focuses on opportunities with family-controlled and entrepreneur-led companies that share a differentiated approach to value creation. HighPost’s investment team is led by Senior Managing Director Kevin Mailender. Mr. Mailender has over 18 years of experience in the private equity and consumer sectors. Prior to joining HighPost, he was a Partner of Oak Hill Capital, where he led the Consumer, Retail & Distribution group.

The transaction entails AACP acquiring initially a 12.5% equity interest in HighPost, with options to increase its ownership to 24.9% over time and contributing working capital to the business going forward. The entire transaction proceeds will be used to grow and invest in the business in the form of working and growth capital, bolstering the team’s commitment to drive the long-term growth of the business. There will be no changes in the strategy, management, investment process or day-to-day operations of HighPost as a result of AACP’s investment. Azimut will appoint a Board Member and both parties agree to work together and grow the business in the long term. The closing of the deal is subject to customary conditions precedent. HighPost’s Founders, David Moross, Chief Executive Officer, and Mark Bezos, General Partner, said, “We are thrilled to partner with Azimut, which has a proven record of backing best-in-class investment firms. This investment provides HighPost with working capital and enhances our ability to capture attractive investment opportunities among high-growth, consumer-focused businesses in the middle market globally. We launched HighPost to drive long-term performance in our companies, maximize value through significant operational improvement. Azimut shares our values and patient approach to investing and we look forward to their support.”

No comments

Post a Comment