American private equity firm Hellman & Friedman (H&F) has agreed to acquire a majority stake in Edelman Financial Services LLC, a wealth management firm led by Ric Edelman.
Under the terms of the deal, H&F will own the firm in partnership with Edelman’s senior management team and current majority owner Lee Equity Partners, both of whom will hold equity ownership in the firm.
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Also, Ric Edelman will step down as CEO but will remain the largest individual shareholder and take over the role of executive chairman. Terms of the deal were not disclosed.
In his role as executive chairman, Edelman will be responsible for expanding the firm’s financial education activities, breadth of client services, and geographic footprint.
Edelman said that H&F is currently in process of searching a new CEO to replace Edelman.
Edelman manages about $15bn for over 28,000 clients through 41 offices across the country.
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By GlobalDataEdelman said: "We are proud of our history of providing financial planning and investment management advice and service to our clients, and we are very excited to partner with Hellman & Friedman, whose experience in the financial services field will help us to better serve our clients and continue to grow to serve more hard-working Americans than ever.
"We will continue to enhance our services and strengthen our team over the next several years."
Hellman & Friedman managing director Allen Thorpe said: "We embrace their tradition and look forward to investing in the business to help Ric and his team accelerate the firm’s success."
