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TA Associates to acquire majority interest In NorthStar


Private equity firm TA Associates is to acquire a majority interest in NorthStar Financial Services Group, LLC, and its nine subsidiary wealth management industry service providers. 

NorthStar’s management team will remain significant owners following closing, which is expected to occur in the second quarter of 2015. Additional terms of the transaction have not been disclosed.

“NorthStar and its talented management team have created a platform that serves multiple channels within the global wealth management industry, from money management and pooled investment solutions to integrated technology and compliance services,” says M Roy Burns, a Managing Director at TA Associates who will join NorthStar’s Board of Directors. “NorthStar’s compelling business model adds value for its clients, resulting in an excellent record of growth. TA Associates’ considerable experience in financial services enables us to offer strategic counsel and resources to augment NorthStar’s organic growth and pursue strategic acquisitions to build long-term value.”

With approximately USD275 billion in assets under management and administration, NorthStar provides a wide array of support services to registered investment advisors (RIAs), independent broker dealers (IBDs) and investment management firms. The company’s primary business units are CLS Investments, Gemini Alternative Funds, Gemini Fund Services, Gemini Hedge Fund Services, Northern Lights Compliance Services, Northern Lights Distributors and Orion Advisor Services. NorthStar has approximately 700 employees and is headquartered in Omaha, Nebraska, with additional offices in Hauppauge, New York; Chicago, Illinois; Mill Creek, Washington; and Scottsdale, Arizona.

“After exploring numerous options designed to take the NorthStar companies to the next level of growth, we made a carefully thought-through decision to remain a private company, and to retain our independence, which we believe is to the benefit of our clients,” says Eric Clarke, CEO of Orion Advisor Services.

“NorthStar is at a point in our evolution that warrants this type of growth-oriented partnership,” says Todd Clarke, CEO of CLS Investments. “TA Associates was the right fit for us as their financial services experience, significant ETF market understanding, and management-friendly approach is compatible with ours.”

“TA Associates has an appealing track record of supporting the companies it invests in as a true partner in growth – this benefits everyone, most importantly our clients and our staff,” says Andrew Rogers, CEO of Gemini Fund Services. “We’re excited for what the future holds for the NorthStar family.”

“The creation of new alternative investment products is occurring at a rapid pace and the RIA market is one of the highest growth segments in financial services,” says Todd R Crockett, a Managing Director at TA Associates who also will join NorthStar’s Board of Directors. “NorthStar is recognized as an innovative leader in these evolving sectors, providing RIAs and investment management firms SaaS-based solutions and high touch client-centric administrative services.”

Goodwin Procter is providing legal counsel to TA Associates. Mayer Brown is serving as legal counsel and Raymond James & Associates is acting as financial advisor to NorthStar.

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