Tag Archives: Wealth Management

Audax Private Equity Announces Sale of CW Advisors

Audax Group

BOSTON & SAN FRANCISCO, June 17, 2025 — Audax Private Equity (“Audax” or “the firm”), a capital partner for middle and lower middle market companies, announced today it has agreed to the sale of CW Advisors, LLC (“CWA”), a registered investment advisor (RIA) managing $13.5 billion in fee-only client assets. Osaic, Inc. (“Osaic”), a portfolio company of Reverence Capital Partners, is acquiring CWA. Terms of the deal are not disclosed. The transaction is expected to close in the third quarter subject to customary closing conditions.

Headquartered in Boston with 17 offices across the country and over 140 employees, CW Advisors (FKA: Congress Wealth Management, LLC) serves high-net-worth (HNW) and ultra-high-net-worth (UHNW) clients, offering core wealth management and investment advisory services. During Audax Private Equity’s roughly two-year hold, CWA saw its assets under management more than double through a combination of organic and inorganic growth.

Osaic is one of the nation’s largest providers of wealth management solutions and is acquiring CWA to build scale in its fee-only channel. CW Advisors will retain its brand, management team, and client service model as an independent RIA. Existing employee shareholders will retain a meaningful equity stake, and the transaction includes continued equity participation from Audax.

“When we first invested in CW Advisors, we were drawn to the strength of the firm’s management team, its track record of AUM and revenue growth, and the opportunity to leverage our Buy & Build model to help the team capitalize on the opportunity set in front of the business,” noted Bill Allen, a Managing Director at Audax and Head of the firm’s Financial Services specialization.

“The pace and volume of growth have exceeded even our own expectations, which traces back to the sense of partnership between Audax and the entire CWA team,” added Jay Petricone, a Managing Director at Audax and member of the firm’s Financial Services vertical.

Since July of 2023, CW Advisors completed 10 acquisitions that helped to expand its geographic footprint and suite of services. The M&A activity complemented strategic initiatives to invest in CWA’s family office business, in addition to corporate investments in CWA’s IT infrastructure, Office of the CFO, and marketing efforts to help scale the organization and accelerate organic growth.

“Audax clearly understands ‘people’ businesses and recognizes the importance of investing in the team and aligning interests to set the stage for accelerated growth,” noted Scott Dell’Orfano, Chief Executive Officer of CWA. “Audax was a collaborative and constructive partner. They demonstrated an intimate understanding of the wealth management space and helped us pursue a thoughtful approach to growth that helped position CWA as an acquirer and partner of choice.”

“Following the sale of Stout, also announced in June, the realization of CWA marks the second exit out of our Financial Services specialization, which we launched in 2021,” noted Adam Abramson, a Partner at Audax. “A common thread between the two investments is that we sought to work with exceptional management teams, we trusted and supported their visions for growth, and we believe both represent tremendous outcomes for management, the firms, Audax, and our investors.”

Including the announced deals for CWA and Stout, Audax, as of June 13th, has secured eight realizations across its Flagship and Origins strategies over the previous 12 months.

Ardea Partners LP served as lead advisor to CWA on the sale and Houlihan Lokey also served as an advisor, while Kirkland & Ellis LLP and Winston & Strawn LLP provided legal counsel.

About

ABOUT AUDAX PRIVATE EQUITY:
Headquartered in Boston, with offices in San Francisco, New York, London and Hong Kong, Audax Private Equity manages three strategies: its Flagship and Origins private equity strategies, seeking control buyouts in the core middle and lower middle markets, respectively, and its Strategic Capital strategy that provides customized equity solutions to PE-backed portfolio companies to help drive continued growth. With approximately $19 billion of assets under management as of March 2025, over 290 team members, and 100-plus investment professionals, Audax has invested in more than 175 platforms and over 1,350 add-on acquisitions since its founding in 1999. Through our disciplined Buy & Build approach, across six core industry verticals, Audax seeks to help portfolio companies execute organic and inorganic growth initiatives with the aim of fueling revenue expansion, optimizing operations, and significantly increasing equity value. For more information, visit www.audaxprivateequity.com or follow us on LinkedIn.

ABOUT CW ADVISORS
CW Advisors, LLC is an SEC-registered investment management firm headquartered in Boston, developing innovative wealth solutions for high-net-worth and ultra-high-net-worth individuals, families, foundations, and endowments. CW Advisors, through superior service and sound, objective advice, offers financial planning and investment consulting and management services, tailored to each client’s unique needs to protect and grow assets. CW Advisors provides specialized family office services to meet the distinctive needs of ultra-high-net-worth and multigenerational families. Registration does not imply a certain level of skill or training. For more information, visit www.cwadvisorsgroup.com.

Audax was a collaborative and constructive partner. They demonstrated an intimate understanding of the wealth management space and helped us pursue a thoughtful approach to growth that helped position CWA as an acquirer and partner of choice.”
Scott Dell’Orfano
Chief Executive Officer, CWA

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IK Partners to invest in Kestrel Capital

IK Partners

IK Partners (“IK”) is pleased to announce that the IK Small Cap III (“IK SC III”) Fund has signed an agreement to invest in Kestrel Capital (“Kestrel” or “the Company”), a fast-growing, independent Irish wealth manager. IK is investing alongside the current owners of Kestrel, who will all continue to develop and manage the business going forward. IK is investing from its dedicated pool of Development Capital, with this transaction representing IK’s first platform investment in Ireland. Financial terms of the transaction are not disclosed and completion of the transaction is subject to customary regulatory approvals.

Headquartered in Dublin, Ireland, Kestrel is an investment management and financial planning firm, offering bespoke services to high-net-worth individuals, family offices, corporations, charities, foundations and retirement plans. The Company was founded in 2015 and its highly skilled team is led by John Crowe, Danny McGinley and Kenny Hope. Together, they have a combined experience of more than 70 years in wealth management and they will continue to apply all this knowledge and experience to the benefit of Kestrel’s clients.

Kestrel has built a strong reputation for delivering long-term wealth preservation and accumulation strategies to a loyal and rapidly growing client base. Its business model is built around three main pillars: bespoke advice; disciplined portfolio construction; and rigorous oversight. As one of only a few independent MiFID regulated wealth managers in Ireland, the Company is able to provide discretionary portfolio management services, tailored to the specific needs of each client.

Since inception, Kestrel has increased its assets under management to over €1bn and is well positioned to continue its impressive growth, due to the Company’s differentiated offering, its well-established track record and the backdrop of increasing wealth generation in Ireland.

In partnership with IK, Kestrel plans to: continue providing high-quality advice to its growing client base; broaden its service offering; and invest in its operations to uphold high service standards. The Company will also accelerate growth by developing its existing team, attracting new senior wealth managers and making selective complementary acquisitions in a highly fragmented market.

John Crowe, Founder and CEO of Kestrel, said: “This investment from IK marks an important milestone in the development of Kestrel as we seek to further strengthen our position in the Irish Wealth Management sector. With the expertise and experience brought by the IK team, we will be able to capitalise on the market opportunity and pursue a growth strategy in an industry that is poised for consolidation.”

Simon May, Partner at IK and Advisor to the IK SC III Fund, added: “We have been very impressed with Kestrel’s achievements since inception. Its rapid growth is a real testament to the hard work and tireless efforts of John and his team to build a high-quality, client-centric business. We look forward to supporting John, Danny, Kenny and their team in the next chapter of Kestrel’s development, utilising the expertise of the wider IK platform and our experience with similar wealth management businesses.”

For further questions, please contact:

IK Partners
Vidya Verlkumar
Phone: +44 (0)7787 558 193
vidya.verlkumar@ikpartners.com

H/Advisors Maitland
Vikki Kosmalska
Phone: +44 (0) 7754 943 601
vikki.kosmalska@h-advisors.global

 

About Kestrel Capital

Kestrel Capital is an independent, employee-owned Investment Advisory and Management firm, supporting high-net-worth individuals, family offices, corporations, charities, foundations and retirement plans. Kestrel Capital provides access to global financial markets via world class international trading platforms. For more information, visit kestrel.ie

About IK Partners

IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics, UK and Ireland. Since 1989, IK has raised more than €19 billion of capital and invested in over 200 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit ikpartners.com

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Finzzle Groupe enters into exclusive negotiations with Bridgepoint

Bridgepoint

Finzzle Groupe, a leading wealth management consultancy, has announced it has entered into exclusive negotiations with Bridgepoint, one of the world’s leading quoted private asset growth investors, with the latter to acquire a majority stake in the company.

The current management team and the founder will remain core shareholders alongside Bridgepoint Development Capital V – a fund focused on supporting fast-growing businesses across Europe – ensuring the stability and continuity of the business plan.

Founded in 1992, Finzzle Groupe has established itself as a recognised specialist in wealth management in France. Today, with €2.8 billion in assets under management, the group generates an annual gross inflow of €1.585 billion, driven by its exclusive network of over 3,300 independent wealth consultants, including 750 investment advisers (CIF) and 1,600 tied agents. The company also employs 330 staff, comprising product and wealth structuring specialists, middle and back-office teams, and functional support services.

Finzzle Groupe combines two complementary elements within its business model, benefitting both customers and advisers alike:

  • An entrepreneurial network culture, offering potential recruits from all backgrounds the opportunity to become business leaders in wealth management advisory. Through a structured career path, Finzzle Groupe provides its independent consultants with certified training, practical support in the field, and an attractive and motivating remuneration package.
  • Best-in-class customer experience, with a clear ambition: to democratise access to wealth management solutions and meet the specific expectations of investors. Finzzle Groupe is committed to providing them with appropriate, personalised advice to help them build, secure and pass on their wealth.

 

A pivotal transaction for Finzzle Groupe

The partnership with Bridgepoint opens a new chapter in the history of Finzzle Groupe. It is a key strategic step in the growth of the company and its long-term future. The deal will accelerate the company’s development and market expansion, consolidate its institutional base and significantly advance its entrepreneurial project.

By capitalising on Bridgepoint’s global platform and deep sector expertise, particularly in scaling specialist advisory businesses in finance and asset management spaces, Finzzle Groupe will be able to assert its position as a benchmark company in France, explore opportunities for external growth, and expand internationally.

Bertrand Demesse, Partner at Bridgepoint, commented:

“Finzzle Groupe is a pioneering player with a unique proposition in the wealth management market. With its innovative platform, strong growth and efficient distribution model, the company is ideally placed to meet the ever-increasing expectations of all clients for wealth management advice. We are delighted to be supporting the group and its teams in their next phase of development, so that together we can build a key industry leader.”

Philippe Lauzeral, Managing Director of Finzzle Groupe, adds:

“With Bridgepoint, we share the ambition of unleashing entrepreneurial energy and making wealth accumulation more accessible and better understood by everyone. Through this merger, we are laying the foundations for a new structural stage: institutionalising Finzzle Groupe and accelerating its development through the backing of a leading player. It’s a way of anchoring our collective project to serve our consultants, our clients and all our partners in the long term, while bringing in new resources to take us even further.”

Xavier Chausson, Chairman and Founder of Finzzle Groupe adds:

“I am delighted to be joining forces with Bridgepoint, and also to be handing over the operational and managerial chairmanship of the Group to Philippe Lauzeral, who has been at my side for 18 years. As Chairman of the Supervisory Board, I will continue to be the guarantor of the business model that has made the company so successful over the past 33 years.”

The transaction is expected to be completed in Autumn 2025, subject to the usual regulatory approvals.

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CVC, Nordic Capital and ADIA complete acquisition of Hargreaves Lansdown to accelerate and enhance its transformation plan and deliver on its growth potential

CVC Capital Partners

ADIA PED) announce the completion of the acquisition of Hargreaves Lansdown and the subsequent delisting of the Company from the London Stock Exchange.

Hargreaves Lansdown is the UK’s market leading platform for retail investors with an impressive position and strong purpose in the attractive UK wealth market.

The Consortium is motivated by Hargreaves Lansdown’s mission to make it easier for people in the UK to find their financial freedom. Hargreaves Lansdown’s goal is to give more retail investors access to the tools, information and services required to make sound investment decisions, combined with a transparent approach and good value. The Consortium intends to continue investing in improving the client proposition and the customer experience, and will use Hargreaves Lansdown’s scale and experience to continue innovating and developing new features and services to help its customers achieve better outcomes and great value.

On behalf of the Consortium, Pev Hooper, Managing Partner at CVC, Emil Anderson, Partner at Nordic Capital Advisors and Hamad Shahwan Aldhaheri, Executive Director of the Private Equities Department at ADIA, said: “Hargreaves Lansdown has an important purpose: to make it easy for people to save and invest for a better future. Over the 40 years since it was founded, Hargreaves Lansdown has built a strong and trusted brand, underpinned by high levels of customer loyalty and advocacy. The Consortium brings extensive experience in supporting businesses undergoing transformation, and its members have strong track records of investing in regulated financial services companies to build better businesses and create better customer experiences. We look forward to partnering with Hargreaves Lansdown’s management to accelerate its transformation plan – including investment in technology infrastructure, digital channels and service enhancement – all with client value, service, speed of innovation, and Hargreaves Lansdown’s clear purpose at the core.”

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Motive Partners and Apollo Launch Lyra Client Solutions

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Apollo logo
Lyra Provides End-to-End Client Services Across Institutional and Wealth Channels
Former Advent International CFO Eileen Sivolella joins as Board Chair and Independent Director

New York, March 6, 2025 – Motive Partners (“Motive”), a specialist private equity firm focused on financial technology, and Apollo (NYSE: APO) today announced the launch of Lyra Client Solutions Holdings, LLC (“Lyra”). A spin-out from Apollo’s client services division, Lyra offers a differentiated client-servicing solution, delivering technology and operations capabilities that enhance efficiency and the client experience in both the institutional and wealth channels. Motive and Apollo have both invested capital in the new company to support the stand-up and commercialization of the business.

Private markets continue to see rapid growth fueled by product innovation, shifting portfolio allocations and a growing investor base. In meeting this demand, alternative asset managers are expected to not only deliver top-tier investment products and returns, but to also uphold superior service levels that are increasingly difficult to sustain amid cost and efficiency pressures. As a standalone client service solutions business, equipped with leading operations talent supported by next-generation technology, Lyra provides scalable, white glove services that investors demand, including pre-trade, onboarding, and post-trade capabilities.

As part of the launch of the new company, Eileen Sivolella has joined Lyra as the Board’s Chair and Independent Director. Most recently, Sivolella served as Managing Director and Global Chief Financial Officer of Advent International, a private equity firm with $90 billion in assets under management, from 2009 until her retirement in 2022. Prior to Advent, she was the Global Chief Financial Officer of Bain Capital and served on the firm’s key committees, including the valuation, operational audit, and compensation committees. Before that, she was a Partner at Deloitte and a founder of its private equity practice in New York.

Scott Kauffman, a Founding Partner and Head of the Investment Team at Motive Partners, commented, “We believe Lyra is a foundational component of private markets in both the institutional and wealth channels. As private market investments continue to grow, alternative asset managers will need to maintain operational excellence and scale using technology. Investments in companies such as Lyra help create a network that makes Motive’s portfolio companies well-positioned to deliver compelling value to asset managers, wealth managers and their clients.”

Stephanie Drescher, Partner and Chief Client & Product Development Officer at Apollo, added, “Investors continue to turn to private markets as they seek excess return per unit of risk and greater diversification than what has historically been offered by traditional portfolio construction. Amid this growing demand, Apollo is committed to ensuring the client experience keeps pace. Lyra is a testament to that commitment, providing a technology-enabled, best-in-class experience for institutional, wealth, and family office investors.”

Neil Cochrane, a Partner on the Investment Team at Motive Partners, added, “The investment in Lyra is another step towards digitizing and scaling private markets. Our goal is to make private market investments as accessible and serviceable as public securities through advancements in technology and specialist operational offerings like Lyra. Technology will empower investors to have greater access to private markets, while Lyra enables asset managers to scale efficiently and effectively. At Motive Partners, we continue to define, and invest in, the next era of wealth and asset management.”

About Motive

Motive Partners is a specialist private equity firm with offices in New York City, London and Berlin, focusing on growth equity and buyout investments in software and information services companies based in North America and Europe and serving five primary subsectors: Banking & Payments, Capital Markets, Data & Analytics, Investment Management and Insurance. Motive Partners brings differentiated expertise, connectivity and capabilities to create long-term value in financial technology companies. Motive Ventures is the early-stage investment arm of Motive Partners, focused on pre-seed through to Series A financial technology investments in North America and Europe. For more information, please visit www.motivepartners.com

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of December 31, 2024, Apollo had approximately $751 billion of assets under management. To learn more, please visit www.apollo.com.

For more information, please visit motivepartners.com.

Contact Information
Apollo

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
+1 212 822 0540 | IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
+1 212 822 0491 | Communications@apollo.com

Motive Partners

Britt Zarling
Head of Marketing and Communications
+1 414 526 3107 | Britt.Zarling@motivepartners.com

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Rise Growth Partners Acquires Minority Stake in Grimes & Company to Accelerate Growth and Geographic Expansion

Charlesbank

Partnership aims to strengthen planning structure, expand firmwide expertise and enhance national presence

AUSTIN, TX — February 19th, 2025 – Rise Growth Partners (‘Rise’), the wealth management industry’s first synergistic financial partner for growth-oriented registered investment advisors (RIAs), today announced its second strategic minority investment, backing Grimes & Company, LLC (‘Grimes’). A full-service, family-owned and operated wealth management firm with around $5.7 billion in assets under management (AUM), Grimes serves approximately 3,000 households nationwide and has built a heritage of growth through its thoughtful, high-touch approach to financial planning and investment management. This partnership will help fuel Grimes’ continued momentum, enabling the firm to deliberately expand its geographic presence, further refine its centralized planning process and attract growth-focused advisor teams and firms.

“We’ve always believed that growth should be intentional, and this partnership is the next step in executing on that vision,” said Kevin Grimes, CEO and Chief Investment Officer at Grimes. “The Rise team immediately understood the scalability of our business, the uniqueness of our model and our exciting vision for the future. With their expertise and resources, we’ll be positioned to multiply our impact while maintaining the collaborative culture and relationship-driven client experience that have defined Grimes and its success to date.”

Founded by Timothy (Tim) Grimes and now led by son Kevin Grimes, the eponymous firm has built a reputation for centralized planning and investment strategies that scale without sacrificing personalization. With presence in Massachusetts, Texas, Florida and Nebraska, Grimes has already expanded beyond its New England roots and is now poised to accelerate its footprint in select areas. This trajectory of growth, alongside its dedication to providing independent, client-focused financial planning, has earned the firm recognition among Barron’s Magazine Top 100 Independent Advisors, Barron’s Magazine Top 1,200 Advisors State by State and Financial Advisor Magazine’s Top Independent RIA Firms.

“Grimes has built an incredible business by delivering truly bespoke investment portfolios at scale, something rare in an industry dominated by model-driven approaches,” said Joe Duran, Managing Partner at Rise. “We see a tremendous opportunity to partner with investment-centric firms that value centralized planning and growth while maintaining the flexibility of customized portfolios. Our goal is to help Grimes realize its potential of becoming a lighthouse brand in the industry, expanding its national presence by attracting like-minded teams who share this commitment to excellence.”

Grimes added: “This partnership allows us to build something even more special, enabling us to become a magnet for top talent and remain an industry leader for years to come. For our clients, it means even more resources, expanded expertise and enhanced planning capabilities, all while maintaining the same hands-on approach they value. For our advisors, it means greater access to best-in-class technology, additional investment and planning support and a strategic growth partner that allows them to better serve their clients. We are not sacrificing our independence or culture; we are enhancing it.”

“Great wealth management is not just about numbers—it’s about vision, strategy and an unwavering commitment to clients’ success,” said Terri Kallsen, Managing Partner at Rise. “The Grimes team embodies all three, turning financial goals into lasting legacies.”

Rise, backed by a strategic investment commitment from Charlesbank Capital Partners (‘Charlesbank’), was created to empower growth-oriented RIAs with the resources, expertise and capital they need to accelerate growth without ceding control. Unlike many traditional strategic acquirers, Rise partners with firms that want to scale while preserving their culture, independence and client-first philosophy.

For more information on Rise and its innovative approach to building the next generation of RIAs, visit risegrowth.com. To learn more about Grimes and its acclaimed team of advisors, visit grimesco.com.

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Radiant makes acquisition of Seven Bridges

Apiary Capital

Radiant Financial Group, Apiary Capital’s rapidly expanding wealth management consolidator, has acquired Seven Bridges, an independent financial advisor (IFA) headquartered in Newcastle.

 

This strategic acquisition significantly extends Radiant’s presence across Northern England and marks the ninth bolt-on since Apiary’s investment in November 2020. Radiant has grown substantially, both organically and through acquisitions including CBK, the Swansea-based IFA acquired in August 2024. The group now has 143 team members operating out of ten offices across the UK, with assets under advice of £1.8 billion.

 

“We are thrilled to welcome Seven Bridges to the Radiant Financial Group,” said Simon Cogman-Hellier, CEO of Radiant. “Seven Bridges is a successful and well-established firm, and brings a wealth of expertise and talent to our group.”

 

Thomas Alldred, Investment Director at Apiary, added: “We are immensely proud of Radiant’s development and look forward to continuing to support its impressive growth.”

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Envestnet, Leading Wealth Technology Platform, Announces $4.5 Billion Take-Private Transaction With Bain Capital

BainCapital

Envestnet, Leading Wealth Technology Platform, Announces $4.5 Billion Take-Private Transaction With Bain Capital

BERWYN, Pa. – July 11, 2024 – Envestnet, Inc. (NYSE: ENV) (“the Company” or “Envestnet”), a leading provider of integrated technology, intelligent data and wealth solutions, today announced that it has entered into a definitive agreement to be acquired by Bain Capital in a transaction valuing the Company at $4.5 billion ($63.15 per share). Reverence Capital also agreed to participate in the transaction. Strategic partners BlackRock, Fidelity Investments, Franklin Templeton, and State Street Global Advisors have committed to invest in the proposed transaction, and upon its completion they will hold minority positions in the private company.

Envestnet manages over $6 trillion in assets, oversees nearly 20 million accounts, and enables more than 109,000 financial advisors to better meet client financial goals with one of the most comprehensive, integrated platforms delivered at scale in a unified, engaging digital experience. The Company has had great success enhancing the advisor and investor experience, and currently supports over 800 asset managers on its Wealth Management Platform.  Envestnet was recently recognized by the 2024 T3/Inside Information Advisor Software Survey as a leader in Financial Planning, Portfolio Management, TAMP and Billing Solutions — reinforcing the strength, depth and breadth of its industry-leading Wealth Management Platform and commitment to supporting advisor growth and productivity through its deeply connected ecosystem.

“The Board and its advisors conducted a process to maximize value for shareholders,” said Jim Fox, Board Chair and Interim CEO of Envestnet. “I’m proud of what Envestnet has achieved over the years in becoming the leading wealth management platform in the industry.”

“Through its deeply connected ecosystem and innovative technology and data capabilities, Envestnet has built an industry-leading platform that the largest wealth management firms, RIAs and broker-dealers rely on to power their businesses,” said Phil Loughlin, a Partner at Bain Capital. “We look forward to working with Envestnet’s talented and experienced leadership team and supporting their growth strategy through organic and inorganic initiatives, making further investments in its differentiated product offering, and delivering enhanced value to customers and partners,” added Marvin Larbi-Yeboa, a Partner at Bain Capital.

“Given Envestnet’s scale and competitive advantages in an industry that benefits from strong fundamental tailwinds, we believe the Company is strategically positioned to achieve its next phase of growth,” said Milton Berlinski, Co-Founder and Managing Partner at Reverence Capital Partners.

“This is a validation of Envestnet’s proven ability to operate at market-leading scale – serving more assets, accounts, and advisors and effectively connecting our company and our technology,” said Tom Sipp, EVP Business Lines of Envestnet. “This is an exciting new chapter for Envestnet, our clients, our partners and our employees. Together with Bain Capital, we are committed to investing in our platform making it more customized, connected, and intelligent. As a private company, we can accelerate our ability to further elevate our market-leading platform with greater functionality and an even broader solution set that enables advisors to better serve clients at all stages of their financial life.”

“This is a great outcome for Envestnet’s clients and employees, and one that maintains its entrepreneurial spirit,” said Bill Crager, Co-founder of Envestnet. “Envestnet is exceptionally well positioned to continue to build a gateway to the future of financial advice. I couldn’t be more excited about the company going forward, its continued success and ability to serve more advisors – enabling them to deliver more holistic financial advice.”

Transaction Details
Under the terms of the agreement, which has been unanimously approved by the Envestnet Board of Directors, Envestnet shareholders  will receive $63.15 in cash for each share of common stock they own. The transaction is expected to close in the fourth quarter of 2024, subject to the satisfaction of customary closing conditions, including receipt of approval by Envestnet’s shareholders and required regulatory approvals. Upon completion of the transaction, Envestnet’s common stock will no longer be publicly listed, and Envestnet will become a privately held company.

Advisors
Morgan Stanley & Co. LLC is acting as exclusive financial advisor, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel to Envestnet.

J.P. Morgan Securities LLC is acting as lead financial advisor, and Ropes & Gray LLP is acting as legal counsel to Bain Capital.

RBC Capital Markets, BMO Capital Markets, Barclays, and Goldman, Sachs & Co. LLC provided committed debt financing for the transaction and financial advisory services to Bain Capital.  Funds managed by Ares Management, funds managed by Blue Owl Capital and Benefit Street Partners also provided committed debt financing for the transaction.

About Envestnet
Envestnet is helping to lead the growth of wealth managers and transforming the way financial advice is delivered through its ecosystem of connected technology, advanced insights, and comprehensive solutions – backed by industry-leading service and support. Serving the wealth management industry for 25 years with more than $6 trillion in platform assets—more than 109,000 advisors, 17 of the 20 largest U.S. banks, 48 of the 50 largest wealth management and brokerage firms, more than 500 of the largest RIAs — thousands of companies, depend on Envestnet technology and services to help drive business growth and productivity, and better outcomes for their clients.  Data as of 3/31/24.

Envestnet refers to the family of operating subsidiaries of the public holding company, Envestnet, Inc. (NYSE: ENV). For a deeper dive into how Envestnet is shaping the future of financial advice, visit www.envestnet.com. Stay connected with us for the latest updates and insights on LinkedIn and X (@ENVintel).

About Bain Capital
Bain Capital, LP is one of the world’s leading private multi-asset alternative investment firms that creates lasting impact for our investors, teams, businesses, and the communities in which we live. Since our founding in 1984, we’ve applied our insight and experience to organically expand into numerous asset classes including private equity, credit, public equity, venture capital, real estate, life sciences, insurance, and other strategic areas of focus. The firm has offices on four continents, more than 1,750 employees and approximately $185 billion in assets under management. To learn more, visit www.baincapital.com.

About Reverence Capital Partners
Reverence Capital Partners is a private investment firm focused on three complementary strategies: (i) Financial Services-Focused Private Equity, (ii) Opportunistic, Structured Credit, and (iii) Real Estate Solutions. Today, Reverence manages in excess of $10 billion in AUM. Reverence focuses on thematic investing in leading global Financial Services businesses. The firm was founded in 2013, by Milton Berlinski, Peter Aberg and Alex Chulack, after distinguished careers advising and investing in a broad array of financial services businesses. The Partners collectively bring over 100 years of advisory and investing experience across a wide range of Financial Services sectors.

Forward-Looking Statements
This press release contains, and the Company’s other filings and press releases may contain forward-looking statements. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements give the Company’s current expectations relating to the Company’s financial condition, results of operations, plans, objectives, future performance and business including, without limitation, statements regarding the transaction and related transactions, the expected closing of the transaction and the timing thereof, and as to the financing commitments. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely” and other words and terms of similar meaning. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, the Company.

Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected and are subject to a number of known and unknown risks and uncertainties, including: (i) the risk that the transaction may not be completed on the anticipated terms in a timely manner or at all, which may adversely affect the Company’s business and the price of Envestnet’s common stock; (ii) the failure to satisfy any of the conditions to the consummation of the transaction, including the receipt of certain regulatory approvals and the approval of the Company’s stockholders; (iii) the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the agreement, including in circumstances requiring the Company to pay a termination fee; (iv) the effect of the announcement or pendency of the transaction on the Company’s business relationships, operating results and business generally; (v) risks that the transaction disrupts the Company’s current plans and operations (including the ability of certain customers to terminate or amend contracts upon a change of control); (vi) the Company’s ability to retain, hire and integrate skilled personnel including the Company’s senior management team and maintain relationships with key business partners and customers, and others with whom it does business, in light of the transaction; (vii) risks related to diverting management’s attention from the Company’s ongoing business operations; (viii) unexpected costs, charges or expenses resulting from the transaction; (ix) the ability to obtain the necessary financing arrangements set forth in the commitment letters received in connection with the transaction; (x) potential litigation relating to the transaction that could be instituted against the parties to the agreement or their respective directors, managers or officers, the effects of any outcomes related thereto; (xi) the impact of adverse general and industry-specific economic and market conditions; (xii) certain restrictions during the pendency of the transaction that may impact the Company’s ability to pursue certain business opportunities or strategic transactions; (xiii) uncertainty as to timing of completion of the transaction; (xv) risks that the benefits of the transaction are not realized when and as expected; (xvi) legislative, regulatory and economic developments; (xvii) those risk and uncertainties set forth under the headings “Forward Looking Statements” and “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (the “SEC”), as such risk factors may be amended, supplemented or superseded from time to time by other reports filed by the Company with the SEC from time to time, which are available via the SEC’s website at www.sec.gov; and (xviii) those risks that will be described in the proxy statement that will be filed with the SEC and available from the sources indicated below.

The Company cautions you that the important factors referenced above may not contain all the factors that are important to you. These risks, as well as other risks associated with the transaction, will be more fully discussed in the proxy statement that will be filed with the SEC in connection with the transaction. There can be no assurance that the transaction will be completed, or if it is completed, that it will close within the anticipated time period. These factors should not be construed as exhaustive and should be read in conjunction with the other forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by law. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. We caution that you should not place significant weight on any of our forward-looking statements. You should specifically consider the factors identified in this communication that could cause actual results to differ. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect the Company.

Additional Information and Where to Find It
This communication is being made in connection with the transaction. In connection with the transaction, the Company plans to file a proxy statement and certain other documents regarding the transaction with the SEC. The definitive proxy statement (if and when available) will be mailed to shareholders of the Company. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT THAT WILL BE FILED WITH THE SEC (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER. Shareholders will be able to obtain, free of charge, copies of such documents filed by the Company when filed with the SEC in connection with the transaction at the SEC’s website (http://www.sec.gov). In addition, the Company’s shareholders will be able to obtain, free of charge, copies of such documents filed by the Company at the Company’s website (https://investor.envestnet.com/). Alternatively, these documents, when available, can be obtained free of charge from the Company upon written request to the Company at 1000 Chesterbrook Boulevard, Suite 250, Berwyn, Pennsylvania, 19312.

Participants in Solicitation
The Company, its respective directors and certain of its executive officers may be deemed to be “participants” (as defined under Section 14(a) of the Securities Exchange Act of 1934) in the solicitation of proxies from shareholders of the Company with respect to the potential transaction. Information about the identity of Company’s directors is set forth in the Company’s proxy statement on Schedule 14A filed with the SEC on April 5, 2024 (the “2024 Proxy”) (and available here). Information about the compensation of Company’s directors is set forth in the section entitled “Director Compensation” starting on page 23 of the 2024 Proxy (and available here) and information about the compensation of the Company’s executive officers is set forth in the section entitled “Executive Compensation|” staring on page 32 of the 2024 Proxy (and available here). Transactions with related persons (as defined in Item 404 of Regulation S-K promulgated under the Securities Act of 1933) are disclosed in the section entitled “Related Party Transactions” starting on page 20 of the 2024 Proxy (and available here).

Information about the beneficial ownership of Company securities by Company’s directors and named executive officers is set forth in the section entitled “Security Ownership of Management” on page 84 of the 2024 Proxy (and available here) and in the section entitled “Security Ownership of Certain Beneficial Owners” starting on page 85 of the 2024 Proxy (and available here).

Additional information regarding the identity of potential participants, and their direct or indirect interests, by security holdings or otherwise, will be included in the definitive proxy statement relating to the transaction when it is filed with the SEC. These documents (when available) may be obtained free of charge from the SEC’s website at www.sec.gov and the Company’s website at https://investor.envestnet.com/.

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Ardian acquires a stake in Groupe Orion to support the company’s growth strategy, alongside its founders

Ardian

Ardian, a world-leading private investment house, announces that it is acquiring a stake in Groupe Orion, one of the major players in wealth management in France, alongside the two founders and the management team. Siparex ETI, a shareholder of Groupe Orion since 2022, is selling its entire stake.

The aim of this new investment is to strengthen the company’s structure to support its growth and accelerate its consolidation strategy, and to support the development of new digital tools and the expansion of its product range.

Founded in 2009 and headed by Manuel Parent and Emmanuel Angelier, the Orion Group manages over €3.3 billion in assets. The Group stands out for its hybrid model. Its offering includes a multi-service platform providing access to a vast range of products dedicated to wealth management professionals, as well as a network of over 30 wholly owned independent financial advisor firms. The strong growth of Orion’s assets under management on its platform reflects the quality of the services provided to its distribution and insurance partners. This is made possible, in part, by Canopia, the in-house digital solution developed by Orion with the support of Siparex ETI. Thanks to this unique positioning in a buoyant market, the Orion Group now has over 470 distribution partners and 30,000 individual customers.

Alongside the founders and management team, Ardian will support the Group in structuring and enhancing its product and service offering, to accelerate its organic growth. The company’s growth already far outstrips the market average and is underpinned by a resilient business model characterized by recurring revenues, as well as by its long-standing, trust-based relationships with leading insurers and distribution partners. Ardian will also contribute to further strengthening the Group’s position in the French savings products distribution market, where business is also growing steadily, by actively supporting its external growth strategy already underway with 29 acquisitions since 2021.

The transaction remains subject to regulatory approvals.

“We are delighted to become the Orion Group’s new partner. The Group, led by two talented entrepreneurs, has enjoyed impressive growth thanks to a model that is unique in the market. We look forward to putting Ardian’s resources, experience and networks at their disposal to accelerate the Group’s growth and help them consolidate Orion’s leadership in its sector.” Stéphan Torra, Managing Director Expansion, Ardian

“Since its creation, the Orion Group’s track record has been remarkable. We are delighted to be beginning a new chapter alongside the founders, enabling the company to optimise its structure and further accelerate its organic growth and acquisitions strategy. We will also be supporting the company’s operational development, with the creation of new services and the expansion of its product range.” Marie-Arnaud Battandier, Managing Director Expansion, Ardian

“We are proud to welcome Ardian to the Orion Group and look forward to their support as we continue to grow and develop the company into a leader in the wealth management market. Ardian’s knowledge and vision of the market will enable us to continue to grow, for the benefit of our customers and partners.” Manuel Parent and Emmanuel Angelier, CEOs and Presidents, Groupe Orion

“We are proud to have taken part in Orion’s first capital injection two years ago, and to have supported its managers, Manuel Parent and Emmanuel Angelier, in accelerating the group’s growth, which has now become a benchmark platform for wealth management.” Thibaud De Portzamparc and Guillaume Rebaudet, Partners, Siparex ETI

LIST OF PARTICIPANTS

  • PARTICIPANTS

    • GROUPE ORION: MANUEL PARENT, EMMANUEL ANGELIER
    • EXPANSION ARDIAN: STÉPHAN TORRA, MARIE ARNAUD-BATTANDIER, DAVID CAHUZAC, PIERRE PESLERBE, BADR M’HAIDRA
    • SELLERS: SIPAREX ETI: THIBAUD DE PORTZAMPARC, GUILLAUME REBAUDET, THOMAS OILLIC, CAROLINE JACQUET

  • BUYER ADVISORS

    • M&A LAWYERS: HOGAN LOVELLS (STÉPHANE HUTEN)
    • TAX ADVICE LAWYERS: HOGAN LOVELLS (LUDOVIC GENESTON)
    • LAWYERS FINANCING: PAUL HASTINGS (OLIVIER VERMEULEN, TEREZA COURMONT VLORA)
    • STRATEGIC DUE DILIGENCE: KEARNEY (DANIEL DADOUN, ALBÉRIC FISCHER)
    • FINANCIAL DUE DILIGENCE: EIGHT ADVISORY (EMMANUEL RIOU, GUILLAUME HEBERT)
    • LEGAL, TAX AND SOCIAL DUE DILIGENCE: HOGAN LOVELLS (STÉPHANE HUTEN, MAXIMILIEN ROLAND)
    • DIGITAL DUE DILIGENCE: AKVIZE (MICKAEL MAINDRON), ARTEFACT (JÉRÔME PETIT)
    • INSURANCE DUE DILIGENCE: FINAXY (DÉBORAH HAUCHEMAILLE)

  • ADVISORS TO SELLERS, COMPANIES, MANAGEMENT

    • M&A ADVISOR: FIG PARTNERS (CHRISTOPHE MUYARD, YOUNES SEDDIKI, BAPTISTE FALGOUX)
    • M&A LAWYERS: MCDERMOTT WILL & EMERY (GRÉGOIRE ANDRIEUX, HERSCHEL GUEZ, AURIANE TOURNAY)
    • FINANCING LAWYERS: WILLKIE FARR & GALLAGHER (IGOR KUKHTA)
    • FINANCIAL DUE DILIGENCE: EIGHT ADVISORY (GUILLAUME CATOIRE, GUILLAUME CHAVAGNAT)
    • PUBLIC ACCOUNTANT: ROSSIGNOL ET ASSOCIÉS (BERTRAND GAGNEUX, PRISCILLIA BOISSINS)

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $166bn of assets on behalf of more than 1,600 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

ABOUT SIPAREX

An independent French private equity specialist, the Siparex Group has assets under management of €3.7 billion. With strong organic growth and significant acquisitions, Siparex is a group at the service of business development and transformation. From start-ups to ETIs, it finances and supports major entrepreneurial adventures through its various business lines: Private Equity (Tilt, Entrepreneurs, Territoires, Midcap, ETIs), Venture Capital (XAnge), and Private Debt.
The Group has a strong local presence, with 6 offices in France (Paris, Lyon, Nantes, Lille, Strasbourg and Toulouse), 3 in Europe (Milan, Berlin and Brussels) and partnerships in Africa and North America.

www.siparex.com

MEDIA CONTACTS

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

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Bain Capital Credit Provides Financing to Support Investment in Congress Wealth Management by Audax Private Equity

BainCapital

Bain Capital Credit Provides Financing to Support Investment in Congress Wealth Management by Audax Private Equity

BOSTON – July 5, 2023 – Bain Capital Credit today announced that the firm’s Private Credit Group acted as sole lender and administrative agent for a senior credit facility to support Audax Private Equity’s strategic investment in Congress Wealth Management (“Congress”), an independent registered investment advisor offering wealth management and investment advisory services to high-net-worth individuals and families in the U.S.  Terms of the credit facility were not disclosed.

 

Headquartered in Boston and founded in 2009, Congress provides innovative and tailored wealth management and financial planning solutions for high-net-worth (“HNW”) individuals, foundations and endowments, and family offices.  The firm has experienced strong growth in recent years through new client acquisition and M&A.  With over $5 billion of assets under management today, Congress serves approximately 2,300 HNW and family office clients out of seven offices across the U.S.

 

“Congress is a high-quality RIA firm with a differentiated platform and unique value proposition, and we believe the business is well-positioned to capitalize on attractive growth opportunities in today’s diverse, fragmented wealth management market,” said June Huang, a Director at Bain Capital Credit.  “We appreciate the rapport we have built with the Audax team over the years and look forward to a successful continued partnership as we support their plans for Congress’ next chapter of growth and value creation.”

 

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About Bain Capital Credit, L.P.

Bain Capital Credit (www.baincapitalcredit.com) is a leading global credit specialist with approximately $43 billion in assets under management. Bain Capital Credit invests across the credit spectrum and in credit-related strategies, including leveraged loans, high-yield bonds, structured products, private middle market loans and bespoke capital solutions. Our team of more than 95 investment professionals creates value through rigorous, independent analysis of thousands of corporate issuers around the world. Bain Capital Credit’s dedicated Private Credit Group focuses on providing complete financing solutions to businesses with EBITDA between $10 million and $150 million located in North America, Europe and Asia Pacific.  In addition to credit, Bain Capital invests across asset classes including private equity, public equity, venture capital and real estate, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus.

 

 

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