Private equity firm TA Associates is looking to sell some of its stake in $31.8bn RIA aggregator Wealth Enhancement Group, sources familiar with the situation told Citywire.
One source with knowledge of the situation said that TA Associates has hired Raymond James to serve as its investment banker.
‘As a matter of policy, Wealth Enhancement Group does not comment on potential strategic transactions,’ a Wealth Enhancement Group spokesman said. ‘We also do not comment on potential transactions by our capital partners.’
Spokespeople for TA Associates and Raymond James did not respond to requests for comment in time for publication.
A source familiar with the situation said that TA Associates will retain a stake in Wealth Enhancement Group and is not planning to wholly exit its investment in the company.
TA Associates purchased a majority stake in Wealth Enhancement Group from fellow private equity firm Lightyear Capital in 2019.
Though private equity firms typically hold onto their investments for five to seven years, several RIAs have gone up for sale ahead of that window.
In the summer of 2020, Parthenon Capital hired Raymond James to help it sell RIA acquirer Allworth Financial to Lightyear Capital and the Ontario Teachers’ Pension Plan Board three years after its initial investment in the company. Lightyear Capital sold Wealth Enhancement Group to TA Associates four years after it purchased the RIA from Norwest Equity Partners in 2015.
Wealth Enhancement Group is led by chief executive Jeff Dekko (pictured), who joined the company in 2003. Dekko previously told Citywire that he aimed to have the RIA approach $40bn in assets by early 2022.
‘Ultimately, we want to build a national firm,’ he said.
Wealth Enhancement Group has purchased 24 RIAs since 2013. The serial acquirer expanded to the West Coast for the first time in April, purchasing $1.6bn Pillar Pacific Capital Management in the Los Angeles suburb of San Marino, Calif.
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May 28, 2021 at 01:24AM
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Sources: TA looking to sell stake in $32bn Wealth Enhancement Group - Citywire USA
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