BERWYN, PA — Envestnet, Inc. has announced the recent completion of its acquisition by affiliates of Bain Capital, in a deal valued at $4.5 billion. The acquisition, finalized at $63.15 per share, also involved participation from Reverence Capital and Norwest, alongside strategic partners BlackRock, Fidelity Investments, Franklin Templeton, and State Street Global Advisors, who hold minority positions in the newly private company.
Envestnet, a leading platform in wealth management with over $6.5 trillion in assets under management and servicing more than 111,000 financial advisors, will continue operations as a private company. Its focus remains on providing connected technology and advanced solutions that enhance productivity and improve outcomes for financial advisors and their clients.
“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,” said Jim Fox, Board Chair and Interim CEO at Envestnet.
The move takes Envestnet’s stock off public markets as it will no longer be listed on the New York Stock Exchange. The transaction aligns with the company’s ambitions to enhance its capabilities and leverage Bain Capital’s expertise to expand its technology and services.
“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,” added Tom Sipp, EVP of Envestnet.
Morgan Stanley & Co. LLC served as the exclusive financial advisor to Envestnet, with Paul, Weiss, Rifkind, Wharton & Garrison LLP acting as legal counsel. Bain Capital was advised by J.P. Morgan Securities LLC as lead financial advisor and Ropes & Gray LLP provided legal counsel.
The acquisition sets the stage for Envestnet to continue its growth trajectory, focusing on innovation and partnerships to remain a vital player in the wealth management technology sector.
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