On May 9, 2019, Reverence Capital Partners announced an agreement to acquire Advisor Group Inc.
Under the terms of the deal, Reverence Capital Partners (“Reverence”) will purchase 75% of Advisor Group (“AG”) while Lightyear Capital and PSP Investments will jointly retain up to a 25% stake in AG. AG will continue to operate independently and Jamie Price, President and Chief Executive Officer of AG, will continue in his current role at AG. Price will also continue to serve on AG’s board along with representatives from Lightyear Capital, PSP Investments and other members to be selected by Reverence who will be joining the board. As part of the transaction, Reverence and AG plan to establish an advisor recognition and retention program. The deal is expected to close in the third quarter of this year subject to customary regulatory and other approvals. Further terms of the deal were not disclosed.
Reverence, based in New York, is a private investment firm with a focus on investing in middle-market financial services businesses.
AG, based in Arizona, is an independent wealth management platform. AG manages $268 billion in client assets. Barclays Capital served as financial advisor to AG.
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