Wealth Enhancement Group, an independent wealth management firm that oversees $11.8 billion in client assets, has been acquired by funds affiliated with TA Associates, a global private equity firm.
The transaction brings aboard a new primary capital partner for Wealth Enhancement Group, with TA Associates purchasing the equity stake owned by funds affiliated with Lightyear Capital LLC, which has been the majority owner since June 2015.
Wealth Enhancement Group will continue to be a privately held, independent firm, under its existing leadership team, brand and strategy.
“Having been well-acquainted with TA Associates for over half a decade, we are entering this new partnership with a sense of familiarity combined with excitement about our future, as they have been an attractive partner to support the next phase of our growth,” said Jeff Dekko, chief executive officer of Wealth Enhancement Group.
Wealth Enhancement Group has purchased 13 independent advisory practices in the last six years, along with organic growth of $1 billion each year for the past two years, the company said.
Financial terms of the transaction were not disclosed, and the acquisition is expected to close in the fourth quarter of 2019.
Raymond James served as advisor to Wealth Enhancement Group.
Founded in 1997, Wealth Enhancement Group provides financial planning, estate planning, retirement income planning, insurance, tax strategies and investment management services. The firm serves more than 17,000 clients from its 26 branch offices.
TA Associates is focused on sectors within five industries – technology, healthcare, financial services, consumer and business services – and has raised $32.5 billion in capital since its founding in 1968.