Wilbur Ross selling his investment firm

By Staff -- Home Textiles Today, 7/24/2006 1:48:00 PM

London – Amvescap, a British-based investment management company, will acquire WL Ross & Co., the financial group that manages $3.5 billion in assets including Burlington House and related textiles businesses.

Amvescap said it will pay $100 million outright and up to $55 million per year for five years, depending on performance metrics.

Ross said the move will enable his marketing team “expand the industries and geographies in which we invest.”

Upon completion of the acquisition, expected in the fourth quarter of 2006, Amvescap's direct private equity business, Invesco Private Capital, will be combined into WL Ross & Co. and managed by Ross.