Atlanta—Dentons has advised Atlanta-based advisory firm Shapiro Capital Management, LLC in an agreement for the sale of a majority ownership stake in Shapiro by American Beacon Advisors, Inc., which is a portfolio company of Kelso.

Shapiro will continue to be managed by the current team consisting of Sam Shapiro, Louis Shapiro, Michael McCarthy and Harry Shapiro. All four will also retain significant ownership of Shapiro, with Louis, Michael and Harry increasing their ownership positions through this transaction.

Shapiro Capital Management is an institutional-quality, value-oriented investment advisor based in Atlanta. As of January 31, 2017, it had approximately $4.3 billion in assets under management.

American Beacon Advisors, a leading provider of investment advisory services to institutional and retail markets, manages the American Beacon Funds mutual funds. As of December 31, 2016, it had $53.8 billion in assets under management.

The Dentons team was led by Wayne N. Bradley, a partner in the Corporate practice group in Dentons' Atlanta office. Other Dentons attorneys who worked on the deal were Chad Ensz, Dan Beal and Tim Santoli.

The transaction is subject to completion of customary closing conditions, including consent from Shapiro’s clients.