New York-based private equity firm Lightyear Capital has bought a majority equity stake in Wealth Enhancement Group, an independent wealth management firm based in Greater Minneapolis.
Under the deal, an investment fund affiliated with Lightyear Capital will buy the equity stake currently owned by Norwest Equity Partners, a Minneapolis-based middle market investment firm.
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Several Wealth Enhancement employees, who form the other stakeholders, will continue to own a stake in the firm following the deal.
Wealth Enhancement Group, which manages $4.7bn in client assets, focuses on supporting the mass affluent and affluent retail investors.
Lightyear Capital chairman and founder Donald Marron said, "Wealth Enhancement Group has an outstanding track record of growth and success in the wealth management business. The firm works with its clients to provide family office-quality financial planning and advice. We think this is a compelling business proposition that can be extended into markets across the country."
Wealth Enhancement Group CEO Jeff Dekko added, "We are delighted to partner with Lightyear Capital and to leverage their significant experience in financial services and wealth management. Together with Lightyear, we look forward to continuing our strategic plan of adding independent financial advisory firms that share our values and client-service focus and utilizing our capabilities to help them grow."
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