Davidson Kempner to sell ECS asset manager to Draycott

Davidson Kempner has agreed to sell the Portuguese alternative asset manager ECS to Draycott. The transaction has been notified to the Competition Authority and remains subject to regulatory approval from the Portuguese Competition Authority and the Securities Market Commission (CMVM).

While the financial terms of the deal were not disclosed, Davidson Kempner originally acquired ECS Capital in late 2022 for approximately 850 million euros. Following the sale, Davidson Kempner will remain a strategic partner to Draycott. The management of existing funds, mandates, and assets will remain unchanged.

ECS is a significant player in Portugal's alternative investment sector, particularly in hospitality and tourism. Its portfolio has historically included various hotels, resorts, and golf courses acquired from Portuguese banks following the financial crisis. Draycott, led by CEO João Coelho Borges, continues to expand its footprint in the region, having recently acquired Square Asset Management.