On April 4, 2016, Stone Point Capital LLC announced that it will acquire a majority ownership stake in NFP Advisor Services.
Through the transaction, NFP Advisor Services (“NFP Advisors”) will change its name to Kestra Financial (“Kestra”). NFP Advisors’ ultimate pre-acquisition parent will continue to hold a minority stake in Kestra. Terms of the transaction were not disclosed, but it is expected to close within 90 days.
Douglas Hammond, Chairman and CEO of NFP Corp. will serve as a member of Kestra’s Board of Directors. Additionally, NFP Corp. and Kestra have entered into agreements through which Kestra will serve as the preferred broker-dealer and registered investment adviser for NFP Corp. organizations.
NFP Corp. is an insurance broker and consultant that provides insurance and wealth management solutions to clients.
Kestra is a Texas-based independent investment advisor platform that is the parent of multiple federally registered investment advisors.
Stone Point Capital LLC is a Connecticut-based private equity firm with an aggregate committed capital of $13 billion.
To read the press release, please click here.