TPG Growth acquires majority stake in proxy firm Morrow Sodali -Breaking
(Reuters] – TPG Growth has purchased a majority of Morrow Sodali’s proxy business, according to the companies without revealing specific terms.
New York-based Morrow Sodali offers shareholder engagement services that include proxy solicitations as well as strategic advice. The company has more than tripled its client base in just a few years.
Morrow executives stated that activism is becoming a more popular investment tool. They have seen a growing demand from boards and corporate clients for ESG-related advice. Alvise Recchi Chief Executive at Morrow Sodali stated, “That is what we focus on and it is why we have actively sought out a strategic investor such as TPG.”
We want to become an industry aggregator. Recchi hopes to use TPG’s financial resources and global network to further expand beyond the United States, which now accounts for about half of its revenue.
The company currently has operations in more than 80 countries and is looking to expand its reach and acquire talent in Europe and Asia. Morrow acquired Gryphon Advisors Inc. in Canada earlier this year. This was then rebranded under its Canadian arm. TPG Growth has invested in companies in a variety of industries, from software to business services.
TPG was listed in January, after it raised $1 billion through an initial public offering in the United States at a value of $9.1 million.