BERWYN, PA — Envestnet, Inc. (NYSE: ENV) has announced its agreement to be acquired by Bain Capital in a transaction that values the company at $4.5 billion, or $63.15 per share. Reverence Capital will also participate in the acquisition. Strategic partners BlackRock, Fidelity Investments, Franklin Templeton, and State Street Global Advisors have committed to invest and will hold minority positions once the deal is completed.
Envestnet currently manages over $6 trillion in assets and oversees nearly 20 million accounts. It supports more than 109,000 financial advisors with a comprehensive platform designed to enhance client financial goals through a unified digital experience. The company’s Wealth Management Platform also supports over 800 asset managers.
“This process aimed to maximize value for shareholders,” said Jim Fox, Board Chair and Interim CEO of Envestnet. “I’m proud of what Envestnet has achieved over the years in becoming the leading wealth management platform in the industry.”
Phil Loughlin, a partner at Bain Capital, praised Envestnet’s ecosystem and technology. “Envestnet has built an industry-leading platform that the largest wealth management firms rely on,” he said. Marvin Larbi-Yeboa, another partner at Bain Capital, added, “We look forward to supporting their growth strategy and delivering enhanced value to customers and partners.”
Milton Berlinski, co-founder and managing partner at Reverence Capital Partners, highlighted Envestnet’s strategic positioning. “Given Envestnet’s scale and competitive advantages, we believe the company is set for its next phase of growth,” he said.
Tom Sipp, EVP Business Lines of Envestnet, emphasized the benefits of going private. “This is an exciting new chapter for Envestnet. Together with Bain Capital, we are committed to investing in our platform, making it more customized, connected, and intelligent,” he said.
Bill Crager, co-founder of Envestnet, reflected on the positive outcome. “This maintains Envestnet’s entrepreneurial spirit and is a great outcome for our clients and employees,” he said.
The acquisition is expected to bolster Envestnet’s capabilities and accelerate its growth, enhancing the tools available for financial advisors and improving the overall client experience.
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