Counselor has learned that Top 40 distributor firm AIA Corporation (asi/109480) has been sold. Its previous owner, The Riverside Company, has sold the company to fellow private equity company McNally Capital of Chicago. Financial terms of the deal were not disclosed, but AIA CEO David Woods told Counselor that the transaction will result in no management or strategy changes for AIA.
"We have had a great eight year experience with Riverside," said Woods. "We welcome McNally Capital of Chicago as our new Private Equity partner, and we look forward to a bright future of growth and success with the resources they bring to AIA."
Follow Counselor PromoGram on Thursday for more information on this transaction.