Alternative investment firm Bain Capital has concluded the acquisition of Envestnet, a wealth solutions provider, in a deal valuing the business at around $4.5bn or $63.15 per share.
The completion of the transaction has returned Envestnet to private ownership.
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Bain Capital announced the deal in July this year.
Reverence Capital and Norwest were also involved in the transaction.
Other participants in the deal are strategic partners such as BlackRock, Fidelity Investments, Franklin Templeton, and State Street Global Advisors, who now have minority stakes in Envestnet.
Envestnet board chair and interim CEO Jim Fox said: “This represents an exciting new chapter in Envestnet’s history, paving the way for accelerated growth and building on our position as a leading wealth management platform in the industry.”
With assets on its platform worth $6.5tn, Envestnet serves more than 111,000 financial advisors, managing more than 20 million accounts.
The company supports over 800 asset managers on its wealth management platform.
Envestnet executive vice president Tom Sipp said: “Together with Bain Capital, Envestnet will continue to deliver on its mission, empowering firms and advisors with the wealth technology and solutions to holistically serve their clients.”
Morgan Stanley served as exclusive financial advisor, with Paul, Weiss, Rifkind, Wharton & Garrison offered legal counsel to Envestnet.
J.P. Morgan Securities was the lead financial advisor, and Ropes & Gray provided legal advice to Bain Capital.
In April this year, Bain Capital sold its stake in Axis Bank at 1,071 rupees ($12.87) per share, raising $429m.
