Lightyear Capital Completes Acquisition Of Majority Equity Stake In Wealth Enhancement Group, LLC
New York, NY, and Minneapolis, MN, June 08, 2015 /PRNewswire/ – Lightyear Capital LLC, a private equity firm specializing in financial services investing, today announced that an affiliated investment fund has completed its previously announced acquisition of a majority equity stake in Wealth Enhancement Group, an independent wealth management firm with $4.7 billion in client assets, from Norwest Equity Partners, a Minneapolis-based middle market investment firm. A number of employees of Wealth Enhancement Group continue to hold a stake in the firm. The terms of the transaction were not disclosed.
Based in the Greater Minneapolis area, Wealth Enhancement Group was founded in 1997 and has expanded, principally through organic growth, to serve more than 10,000 households in over 40 states. The firm focuses on supporting the retail mass affluent and affluent investors by providing comprehensive expertise and resources that are typically available only to large institutional investors and the ultra-high net worth client.
Mark Vassallo, Managing Partner of Lightyear Capital, commented, "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."
Added Jeff Dekko, Chief Executive Officer of Wealth Enhancement Group, "Lightyear Capital is an ideal investor for our firm as we continue the next phase of our development. Lightyear has strong relationships and strategic insights that will help us identify and acquire independent financial advisory firms that share our commitment to client-service, understand our values, and can benefit from our expertise and capabilities as they look to grow."
About Wealth Enhancement Group
Wealth Enhancement Group is a Greater Minneapolis-based independent wealth management firm offering comprehensive and customized financial planning and investment management services across 40 states. Established in 1997, Wealth Enhancement Group has over 10,000 households that entrust them with $4.7 billion in assets as of the first quarter of 2015. 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. Wealth Enhancement Group uses a team approach with a focus on fostering long-term client relationships and has 13 offices throughout Minnesota, Iowa and Illinois. For more information, 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.
About Lightyear Capital LLC
Lightyear Capital is a financial services-focused private equity firm based in New York. Lightyear, through its three affiliated private equity funds, has raised over $2.5 billion of capital and makes primarily control investments in North America-based, middle-market financial services companies. Lightyear targets investments across the financial services spectrum, including asset management, banks, brokerage, financial technology, insurance, and specialty finance. The firm brings unique strengths and discipline to its investment process, as well as operating, transaction, and strategic management experience, along with significant contacts and resources beyond capital. For more information, please visit www.lycap.com.