Hennessy Advisors (NASDAQ:HNNA) is an investment manager that offers domestic equity, sector, specialty, balanced and fixed income products.
Highly-accretive M&A strategy provides institutional-class infrastructure and significant earnings power
Although the M&A cadence has remained fairly steady since 2000 with the acquisition of 13 mutual funds (prior to 2012), the most recent acquisition was the largest ever. In June 2012, HNNA acquired a family of 10 FBR funds with $2.2 billion in AUM (at closing) for $38.9 million. Three of the funds were merged into existing Hennessy funds and the remainder were rebranded with the Hennessy name with no changes in the portfolio managers.
While this acquisition resulted in greater leverage (debt increased from $1.9 million in...
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