Boston Private Financial Holdings Inc. said it will acquire Davidson Capital Management, a provider of investment counseling and personalized fiduciary services for high net worth clients.
The Boston holding company said the acquisition of Davidson Capital, which consists of Davidson Trust Co. and Davidson Investment Counselors, will help it gain entrance into the affluent area of greater Philadelphia.
Boston Private said it will acquire a 70% interest in Davidson Trust, with the remaining 30% owned by Jim Davidson, Alvin Clay III and other senior executives of Davidson Capital.
Boston Private will pay 50% of the total consideration at the close and the remainder over a 3-year period. The amount of future payments is tied to the growth of Davidson Trust.
The company said James Davidson will continue as chairman of Davidson Capital and Clay, a wealth management executive, will be named chief executive.
Financial terms of the deal weren't disclosed.
