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TriState Capital completes Killen Group acquisition

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TriState Capital completes Killen Group acquisition

Pittsburgh-based TriStateCapital Holdings Inc. closed its acquisition of Berwyn, Pa.-based Killen Group Inc.

The company is integrating the firm into its Chartwell InvestmentPartners business, while keeping The Berwyn Funds brand.

According to a news release, the total value of the is now estimated inthe range of $15 million to $20 million. This is down from the $30 million to $35million estimate at the announcement of the deal. The value includes an initial$15 million payment and contingent consideration that may be earned based on 7.0xthe incremental growth in Killen's annual run rate EBITDA in excess of $3.0 millionat Dec. 31, 2016.

TriState Capital expects the acquisition to be accretive to earningsper share by approximately 3 cents for the second half of 2016.