Parthenon to Acquire Wells Fargo Financial Services Business

June 30, 2011

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.


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