TA Associates completes recapitalization

TA Associates, a private equity and buyout firm with offices in Boston, today announced it has completed a minority recapitalization of Keeley Asset Management Corp., a boutique value manager based in Chicago and its sister company Keeley Investment Corp.

Keeley Asset Management manages equity for corporations, pension plans, foundations, endowments, and individuals, using a bottom-up value-based investment approach that focuses on small to mid-cap companies undergoing internal corporate restructuring, said TA Associates, which added that as of June 30, Keeley had more than $10 billion under management.

The firm's flagship product, the Keeley Small Cap Value Fund has significantly outperformed its respective benchmarks since its inception and has a 5-star Morningstar rating, TA Associates said.

Over the years, TA Associates said that it has invested more than $2.5 billion in financial services and financial technology companies.

Its press release today did not include details of its investment in Keeley Asset Management.

Roger B. Kafker, a managing director at TA Associates, has been invited to join Keeley's board of directors, TA Associates said.
(By Chris Reidy, Globe staff)