Wealth Enhancement Group Sold to Lightyear Capital
June 08, 2015
Minneapolis, Minnesota – Norwest Equity Partners (“NEP”), a leading middle market investment firm, is pleased to announce that it has sold its majority equity stake in Wealth Enhancement Group, an independent wealth management firm, to affiliated investment funds of Lightyear Capital LLC, a New York-based private equity firm. The employee-owners of Wealth Enhancement Group will continue to hold a stake in the firm. The transaction, which was initially announced on April 21, 2015, closed on June 5, 2015; financial terms were not disclosed.
Using a team approach with a focus on fostering long-term client relationships, Wealth Enhancement Group specializes in providing retail mass affluent and affluent clients with the comprehensive expertise and resources that are typically available only to large institutional investors and the ultra-wealthy, including financial planning, investment management, tax strategies, insurance, and estate planning. Based in Plymouth, Minnesota, Wealth Enhancement Group was founded in 1997 and has expanded, principally on the basis of organic growth, to serve more than 10,000 households in over 40 states.
Jeff Dekko, Wealth Enhancement Group CEO, stated, “We thank Norwest Equity Partners for being such supportive and collaborative partners with us over the years. We achieved a great deal of growth and success together. We’re excited about carrying that momentum forward into our new relationship with Lightyear Capital, which will allow us to continue to deliver consistent growth in new markets as we build our firm into a top national wealth management and financial planning brand.”
Since its initial investment in 2007, NEP worked together with the Wealth Enhancement Group team to nearly double its client assets from $2.4 billion to $4.7 billion.*
Todd Solow, Partner at Norwest Equity Partners, said, “It has been a pleasure and privilege to partner with Jeff and his management team over the past eight years. Wealth Enhancement Group has created a differentiated business model that sets itself apart from other wealth management firms within its industry. We are very pleased with the progress and growth that we have helped to fuel at the firm, and we wish both the firm and Lightyear Capital continued success in the years to come.”
William Blair & Company served as the exclusive financial advisor and Lindquist & Vennum provided legal services on this transaction.
For more information about Wealth Enhancement Group, please visit www.wealthenhancement.com. Securities offered through LPL Financial, Member FINRA/SIPC. Advisory services offered through Wealth Enhancement Advisory Services, LLC, a registered investment advisor. Wealth Enhancement Group and Wealth Enhancement Advisory Services are separate entities from LPL Financial. Lightyear Capital LLC is not affiliated with LPL Financial. Wealth Enhancement Group is a registered trademark of Wealth Enhancement Group, LLC.
* As of 3/31/2015