Private equity firm Lightyear Capital has completed its previously announced acquisition of a majority equity stake in Wealth Enhancement Group, an independent wealth management firm with USD4.7 billion in client assets.
Lightyear has acquired Wealth Hancement Group from Norwest Equity Partners, a Minneapolis-based middle market investment firm.
A number of employees of Wealth Enhancement Group continue to hold a stake in the firm. The terms of the transaction were not disclosed.
Based in the Greater Minneapolis area, Wealth Enhancement Group was founded in 1997 and has expanded, principally through organic growth, to serve more than 10,000 households in over 40 states. The firm focuses on supporting the retail mass affluent and affluent investors by providing comprehensive expertise and resources that are typically available only to large institutional investors and the ultra-high net worth client.
Mark Vassallo, Managing Partner of Lightyear Capital, says: "We are pleased to have completed our acquisition of a majority equity stake in Wealth Enhancement Group. Registered Investment Advisors are a rapidly growing segment of the wealth management sector, and Wealth Enhancement Group is a strong platform for growth both through its own investment advisors and possible acquisitions. We are excited to work with Jeff and his team as they further grow the business."
Added Jeff Dekko, Chief Executive Officer of Wealth Enhancement Group, says: ”Lightyear Capital is an ideal investor for our firm as we continue the next phase of our development. Lightyear has strong relationships and strategic insights that will help us identify and acquire independent financial advisory firms that share our commitment to client-service, understand our values, and can benefit from our expertise and capabilities as they look to grow."
