Investment firm Madison Dearborn Partners LLC has purchased a significant majority of NFP Corp.’s wealth management business from Aon PLC, the seller announced Wednesday.
The purchase price is estimated to be $2.7 billion at time of the deal’s close—expected in the year’s fourth quarter—and will result in after-tax cash proceeds of approximately $2.2 billion.
The Madison Dearborn-acquired businesses — including Wealthspire Advisors, Fiducient Advisors, Newport Private Wealth and related platforms — will be consolidated and operate under a unified brand name. Michael LaMena, the current CEO of Wealthspire Advisors, will be the new company’s CEO, and Carl Nelson, NFP’s current head of mergers and acquisitions, will serve as president.
The transaction is subject to customary closing conditions, including regulatory approval.
“This transaction reinforces our ongoing commitment to investing in and growing our core risk capital and human capital capabilities,” Aon CEO Greg Case said in a statement. “We remain highly committed to our core wealth and retirement business helping employers, fiduciaries and investment officers through our leading institutional retirement, investment consulting and delegated management capabilities and expertise.”
For more stories like this, sign up for the CIO Alert newsletter. ?
Madison Dearborn first acquired NFP in 2013 for $1.3 billion, then sold it to Aon in 2023 for $13.4 billion. NFP’s business spans property and casualty insurance, benefits, wealth management and retirement plan advisory services.
Vahe Dombalagian, the managing partner and co-head of financial services at Madison Dearborn, said in a statement that Aon and NFP are “great partners,” adding, “We’re pleased to deepen our relationship through this transaction.”
Madison Dearborn, founded in 1992, has raised aggregate capital of more than $31 billion and completed more than 160 platform investments, including the purchase and rebranding of Great Gray Trust Co. in 2022.
UBS Investment Bank served as lead financial adviser, and Moelis & Co. LLC served as financial adviser to Aon on the transaction.
Tags: Aon, Mergers and Acquisitions, Private Equity
#Aon #Sells #Major #Stake #NFP #Corp #Wealth #Business #Madison #Dearborn