On October 20, 2020, Lightyear Capital LLC and Ontario Teachers’ Pension Plan Board announced an agreement to acquire Allworth Financial.
Under the terms of the agreement, Lightyear Capital LLC (“Lightyear”) and Ontario Teachers’ Pension Plan Board (“Ontario Teachers’”) will acquire Allworth Financial (“Allworth”) from private equity funds managed by Parthenon Capital. Parthenon Capital will completely exit the business. Allworth’s senior management team will remain significant shareholders. The transaction is expected to close in the fourth quarter of 2020, subject to customary closing conditions. Further terms of the agreement were not disclosed.
Lightyear, based in New York, is a private equity firm focused on financial services.
Ontario Teachers’, based in Canada, is Canada’s largest single-profession pension plan. As of June 30, 2020, Ontario Teachers’ had C$204.7 billion in net assets.
Allworth, based in California, is a full-service independent investment and financial advisory firm that specializes in retirement planning, investment advising, tax planning and preparation and estate planning for the mass affluent. As of October 2020, Allworth had approximately $10 billion in assets under management.
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