CG Carlyle and Bain Capital Compete to Acquire Wealth Enhancement in Potential $7 Billion Deal
Private equity firms CG Carlyle Group (NYSE: CG) and Bain Capital are reportedly competing for the acquisition of wealth management firm Wealth Enhancement, which is valued at around $7 billion including debt. The company manages nearly $160 billion in client assets and has been owned by TA Associates and Onex since its expansion through acquisitions over recent years. The sale reflects a broader trend where private equity groups are increasingly targeting independent wealth managers due to their recurring revenue models and stable client relationships. Wealth Enhancement is one of the larger firms within this sector, having acquired at least six smaller RIAs in the past year alone. Other notable deals include Mubadala Capital's $8.8 billion acquisition of CI Financial and Clayton Dubilier & Rice’s purchase of Focus Financial Partners. The process for selling Wealth Enhancement is currently advanced but not guaranteed to conclude with a transaction, as current owners TA Associates and Onex could still choose to retain the business.
Topics: Mergers & Acquisitions Private Equity Wealth Management