Wealth Enhancement Group (WEG) has secured a new equity investment from Onex Partners V and certain Onex co-investors, including Onex Corporation.
The transaction, whose financial terms were not disclosed, is expected to close later this year.
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As part of the transaction, Onex will join WEG’s current institutional shareholder, TA Associates (TA), as equal capital partners.
WEG said that the fresh infusion will enable it to drive next stage of organic growth and M&A expansion.
This year, WEG added more than $2.4bn in assets organically. The firm also signed ten acquisitions, which combinedly represents $10.4 bn in total assets.
WEG CEO Jeff Dekko said: “Wealth Enhancement Group has created a remarkable level of organic and acquisitions-based growth over the years, with our firm well on its way to becoming the premier wealth management platform across the country.
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By GlobalData“As we embark on the next stage of our growth vision, this is the perfect moment to bring aboard an additional partner with a long history of successful financial services investments.”
WEG will continue as a privately held, independent firm with its existing leadership team, brand and strategy.
In addition to TA and Onex, a number of WEG employees will continue to hold equity stakes in the firm.
Onex managing director Todd Clegg said: “WEG’s management team has demonstrated its ability to succeed across a broad spectrum of industry, market and economic cycles. Looking ahead, we’re confident that WEG remains uniquely well-positioned to keep growing, both organically and by continuing its track record of well-executed acquisitions.”
TA managing director Roy Burns added: “When we invested in WEG in 2019, the firm’s potential and success to date were very clear.
“Since then, the firm’s leadership team under Jeff Dekko has exceeded our expectations by generating consistent growth and strong client retention rates, even in the face of extraordinary events such as the pandemic and its resultant disruptions on the markets and our economy.”
Earlier this month, WEG bought Maryland-based hybrid RIA Serafini Financial Group which manages $853m in total client assets.
Last month, the firm acquired Oakwood Capital Management, a Los Angeles-based independent RIA with $1.04bn in total client assets.
