UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) January 3, 1997
NEW ENGLAND INVESTMENT COMPANIES, L.P.
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(Exact name of registrant as specified in its charter)
Delaware 1-9468 13-3405992
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
399 Boylston Street, Boston, Massachusetts 02116
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (617) 578-3500
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On January 3, 1997, New England Investment Companies, L.P. ("NEIC")
announced that it had completed the acquisition of certain assets and assumption
of certain of the liabilities of Jurika & Voyles, Inc. ("J&V"), an Oakland,
California-based investment management company with approximately $5.6 billion
in assets under management. Founded in 1983, J&V currently provides investment
advisory services for institutions, individuals and mutual funds. J&V utilizes a
fundamental, research-driven value and growth investment approach, and seeks to
invest at opportunistic prices in the stock of companies exhibiting growth in
cash flow. The current management team at J&V will continue to operate under the
"Jurika & Voyles" name from its present locations and will retain its investment
independence. Prior to the acquisition, J&V was a privately held corporation.
NEIC announced that it had entered into the acquisition agreement with J&V on
September 23, 1996.
Under the Partnership Admission Agreement (the "Agreement"), effective as
of January 1, 1997, NEIC purchased certain assets and assumed certain
liabilities of J&V for a payment at the closing of $43 million in cash and the
issuance of 2,260,900 L.P. Units. The Agreement also requires NEIC to make
additional payments over the three years following the closing, also in cash and
L.P. Units, valued at up to $15 million in the aggregate depending on attainment
of certain post-closing revenue levels. The acquisition will be accounted for
under the purchase method of accounting and, as a result, NEIC will record a
significant portion of the consideration as intangible assets for financial
reporting purposes. The purchase price was based on expected future cash flows.
NEIC financed the cash portion of the purchase price out of available
partnership cash and borrowings under an existing $165 million revolving
credit facility administered by Citibank, N.A.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements of Businesses Acquired. Not required.
(b) Pro Forma Financial Information. Not required.
(c) Exhibits. The following exhibit is filed with this report:
2. Form of Amendment No. 1 dated January 3, 1997, to the Partnership
Admission Agreement dated October 14, 1996 (relating to the
acquisition by New England Investment Companies, L.P. of assets of
Jurika & Voyles, Inc.).
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereupon duly authorized.
NEW ENGLAND INVESTMENT COMPANIES, L.P.
By: New England Investment Companies, Inc.,
its general partner
Date: January 3, 1997 By:/s/ Edward N. Wadsworth
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Edward N. Wadsworth
Executive Vice President
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