Private equity firm Stone Point Capital has agreed to acquire NFP Advisor Services from insurance broker NFP for an undisclosed amount.
Following the acquisition, NFP Advisor Services will change its name to Kestra Financial, and NFP chairman and CEO Douglas Hammond will act as a member of Kestra’s Board of Directors.
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Under the agreement, Stone Point will own majority ownership of Kestra and remaining stake will be retained by NFP’s ultimate parent.
The transaction will contribute to Kestra’s continued long-term success by improving the services and differentiated capabilities it offers independent financial advisors.
Subject to customary closing conditions, the transaction is expected to close within 90 days.
NFP chairman and CEO Douglas Hammond said: "This agreement creates an optimal structure for NFP and Kestra, and enables NFP to focus on its core insurance brokerage and consulting competencies while promoting continued alignment between the two companies."
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By GlobalDataKestra president and James Poer said: "We look forward to accelerating the delivery of next-generation tools and resources to empower financial advisors through our new partnership with Stone Point."
Stone Point CEO Chuck Davis said: "Together, we share a common vision and strategy for growing the business, including expanding its presence across the U.S. We believe in Kestra’s leadership team, the advisors that Kestra serves and the service proposition of strong independent broker-dealers in today’s dynamic market place."
Stone Point in a statement said that NFP and Kestra have entered into long-term reciprocal agreements for Kestra to serve as the preferred broker-dealer and registered investment adviser for NFP offices and membership organizations.
