On June 29, 2011, Wells Fargo & Company (NYSE: WFC) announced that it has entered into a definitive agreement to sell its H.D. Vest Financial Services business to private equity firm Parthenon Capital Partners.
On June 29, 2011, Parthenon Capital Partners and Wells Fargo & Company (NYSE: WFC) announced that they have reached a definitive agreement for Parthenon to acquire Wells Fargo & Company’s H.D. Vest Financial Services business. H.D. Vest, which is based in Irving, Texas, is an independent broker/dealer and RIA that provides investment and financial advisory services to retail investors. H.D. Vest’s existing management will continue to run the business as a stand-alone entity under the ownership of Parthenon Capital Partners, a mid-market private equity firm based in Boston and San Francisco. Wells Fargo has approximately $1.2 trillion in assets under management. The financial terms of the deal were not disclosed.