Private equity firm Lightyear Capital has completed acquisition of a majority equity stake in Wealth Enhancement Group, an independent wealth management firm based in Greater Minneapolis.

Lightyear bought the stake from Norwest Equity Partners, a Minneapolis-based middle market investment firm.

Wealth Enhancement Group’s other stakeholders include several employees of Wealth Enhancement Group.

Lightyear Capital managing partner Mark Vassallo said: "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."

Wealth Enhancement Group provides comprehensive and customised financial planning and investment management services across 40 US states.

The firm, which focuses on the retail mass affluent and affluent investors, comprises $4.7bn in client assets.

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By GlobalData