On April 21, 2015, PR Newswire reported that LightYear Capital LLC, a private equity firm specializing in financial services investing, announced that it had agreed to purchase a majority equity stake in Wealth Enhancement Group, an independent wealth management firm.
Under the terms of the agreement, an investment fund affiliated with Lightyear Capital will purchase the equity stake currently held by Norwest Equity Partners, a Minneapolis-based middle market investment firm.
Wealth Enhancement Group was founded in 1997 and has $4.7 billion in client assets.
Lightyear Capital has raised over $2.5 billion of capital and makes primarily control investments in North America-based, middle-market financial services companies.
Terms of the transaction were not disclosed.
To read the news release: please click here.