AcquisitionsMay 8, 2026, 05:07 PM
Virtus Investment Partners Acquires 56% of Keystone for $308.2M
AI Summary
Virtus Investment Partners completed the acquisition of 56% of Keystone National Group, LLC for $308.2 million on March 1, 2026, expanding its offerings into private markets. For the first quarter of 2026, the company reported a significant decrease in net income attributable to Virtus to $7.1 million, down from $28.6 million in the prior year period, with diluted EPS falling to $1.05 from $4.05. Total revenues also declined to $199.5 million from $217.9 million year-over-year, while net cash provided by operating activities improved to $35.9 million.
Key Highlights
- Acquired 56% of Keystone National Group, LLC for $308.2 million on March 1, 2026.
- Reported Q1 2026 net income attributable to Virtus of $7.1 million, down from $28.6 million in Q1 2025.
- Diluted EPS for Q1 2026 was $1.05, a decrease from $4.05 in Q1 2025.
- Total revenues for Q1 2026 decreased to $199.5 million from $217.9 million in Q1 2025.
- Goodwill increased by $243.7 million and intangible assets by $307.0 million due to the acquisition.
- Repurchased 73,463 common shares for $10.0 million during Q1 2026.
- Declared a quarterly cash dividend of $2.40 per common share on February 25, 2026.
- Net cash provided by operating activities was $35.9 million in Q1 2026, up from $(3.8) million in Q1 2025.