Funds affiliated with TA Associates have acquired Wealth Enhancement Group, an RIA consolidator that oversees $11.8 billion in client assets, from Lightyear Capital, which has been the majority owner since June 2015.
Mark Vassallo, managing partner of Lightyear, stated, “Lightyear’s funds invested in Wealth Enhancement Group with the view that smaller registered investment advisers would benefit from the centralized planning, marketing and operational resources afforded by the company’s scale. Since the acquisition, Wealth Enhancement Group has invested significantly in its core operating platform and made 10 geographically diverse acquisitions, increasing assets by 150 percent, bringing the company into six new markets, and doubling the number of offices and advisers.”
Under the terms of the acquisition, Wealth Enhancement Group will continue to be a privately held, independent firm, under its existing leadership team, brand and strategy. Wealth Enhancement Group expects the new equity partnership with TA Associates to support an acceleration of its ongoing growth plans as part of the firm’s strategy to establish itself as a leading national wealth management and financial planning brand.
