Onex joins TA Associates as Equal Capital Partners to support WEG’s accelerated growth, with ten RIA acquisitions announced YTD, representing $ 10.4 billion in total assets
New partnership to strengthen WEG’s position as the platform of choice for successful independent wealth management companies
MINNEAPOLIS and TORONTO, August 24, 2021 / PRNewswire / – Wealth Enhancement Group (WEG), an independent wealth management company with nearly $ 40.2 billion in client assets *, and Onex Corporation (TSX: ONEX), an investment firm and asset manager, today announced a new investment in shares of Onex Partners V and certain co-investors of Onex , including Onex Corporation (together “Onex”), to help drive the next stage of WEG’s organic growth and M&A expansion. Upon completion of the transaction, expected later this year, Onex will join WEG’s current institutional shareholder, TA Associates (TA), as equal capital partners. Financial terms of the transaction were not disclosed.
Onex’s investment reflects WEG’s position as one of the country’s fastest growing independent consulting firms. The support of Onex and TA further strengthens WEG’s two-pronged strategy of generating robust organic growth while serving as the destination of choice for independent wealth management firms looking to join forces with one platform leading national AIR. Since the start of the year, WEG has added more than $ 2.4 billion assets organically while concluding definitive agreements on ten acquisitions representing $ 10.4 billion in total assets.
Jeff Dekko, CEO of Wealth Enhancement Group, said: “Our new investment in Onex strengthens our ongoing relationship with TA, bringing together two of the world’s most accomplished private equity firms. Wealth Enhancement Group has created a remarkable level of organic and acquisition-based growth over the years, with our business on track to become the premier wealth management platform across the country. As we embark on the next step in our vision growth, now is the perfect time to bring on board a partner with a long history of successful investments in financial services. “
Going forward, WEG will continue to be a private and independent company, under its existing management team, brand and strategy. In addition to the capital partners of the company TA and Onex, a large number of employees will continue to hold stakes in the company, reflecting a strong alignment of interests between the capital base, employees, financial advisers and their clients. WEG.
In addition to Jeff Dekko, WEG’s leadership team includes some of the most seasoned leaders in the wealth management industry today, including Jim cahn, director of investments and business development; Kelly windorski, Financial director; Utkarsh patel, director of digital and marketing; and Terri kallsen, Chief Executive Officer.
Mr. Dekko continued, “Like TA, Onex will be a strong financial partner for WEG, with a proven track record and a commitment to making the investments that allow the companies with which it partners to thrive. activities necessary for the long-term success of our strategy: this includes attracting high quality wealth management companies to be part of our national RIA platform, combined with continued investments in talent, the technology and resources our financial advisors need to deliver truly exceptional customer service experience that leads to holistic financial planning. “
Todd clegg, Managing Director of Onex, said: “We are delighted to partner with Wealth Enhancement Group and TA to invest in the future of wealth management. Wealth Enhancement Group has built a leading national wealth management platform with a customer-centric approach and a culture of striving to continually improve everything the company does, which has generated positive results for customers and the business. WEG’s management team has demonstrated its ability to succeed in a wide range of industrial, market and economic cycles. Looking ahead, we are confident that WEG remains uniquely positioned to continue to grow, both organically and by continuing its track record of well-executed acquisitions. “
Roy Burns, Managing Director of TA, said: “When we invested in Wealth Enhancement Group in 2019, the potential and success of the company to date was very clear. Since then, the management team of the company led by Jeff Dekko has exceeded our expectations by generating steady growth and strong customer retention rates, even in the face of extraordinary events such as the pandemic and the resulting disruption on markets and our economy. We believe the best is yet to come with WEG’s next chapter of growth, and we are delighted to welcome Onex as a capital partner to help WEG achieve its strategic goals and continue to add value to his clients.”
Raymond James & Associates, Inc. served as exclusive financial advisor to Wealth Enhancement Group on the transaction. Goodwin Procter LLP, acted as legal counsel to TA Associates and Wealth Enhancement Group. Fried Frank was Onex’s legal representative in the transaction.
About Wealth Enhancement Group
Wealth Enhancement Group is a Greater MinneapolisIndependent wealth management company offering complete and personalized financial planning and investment management services. Founded in 1997, Wealth Enhancement Group serves clients across the country. Wealth Enhancement Group specializes in providing retail clients with the knowledge and team resources they need to simplify their financial lives. For more information, please visit www.wealthenhancement.com.
FFounded in 1984, Onex manages and invests capital on behalf of its shareholders, institutional investors and high net worth clients around the world. Onex platforms include: Onex Partners, private equity funds focused on mid and large cap opportunities in North America and Western Europe; ONCAP, private equity funds focused on the middle market and small opportunities in North America; Credit Onex, which primarily manages lower quality debt through negotiable, private and opportunistic credit strategies, as well as actively managed public equity and public credit funds; and Gluskin Sheff’s wealth management services. In total, from June 30, 2021, Onex has about 46 billion dollars of assets under management, of which approximately $ 7.5 billion is its own investment capital. With offices in Toronto, new York, New Jersey, Boston and London, Onex and its experienced management teams are collectively the largest investors on Onex platforms.
Onex shares trade on the Toronto Stock Exchange under the ticker symbol ONEX. For more information on Onex, visit their website at www.onex.com. Onex’s safety records are also available on www.sedar.com.
About TA Associates
TA is a leading global growth private equity firm. Focused on targeted sectors within five industries – technology, healthcare, financial services, consumer and business services – the company invests in profitable and growing businesses offering opportunities for sustained growth, and has invested in more than 550 companies around the world. Investing as a majority or minority investor, TA takes a long-term approach, using its strategic resources to help management teams create lasting value in high quality growth companies. TA raised $ 47.5 billion in capital since its creation in 1968 and is committed to new investments at the rate of more than $ 3 billion per year. The company’s more than 100 investment professionals are based in Boston, Menlo Park, London, Bombay and Hong Kong. You can find more information on TA at www.ta.com
* Wealth Enhancement Group and its registered investment advisor, Wealth Enhancement Advisory Services, have $ 38.8 billion in brokerage and client advisory assets at 07/31/2021. With the addition of previously announced acquisitions that closed in August and are expected to close in October, Wealth Enhancement Group is expected to have $ 40.2 billion in client brokerage, advisory and trust assets from October 2021.
Advisory services offered by Wealth Enhancement Advisory Services, LLC (WEAS), a registered investment advisor. Some, but not all, of WEAS’s Investment Adviser Representatives (IARs) are also registered representatives and offer securities through FINRA / SIPC member LPL Financial. Wealth Enhancement Group and Wealth Enhancement Advisory Services are separate entities from LPL Financial. Wealth Enhancement Group is a registered trademark of Wealth Enhancement Group, LLC.
For more information
For the Valorisation Group: For Onex:
Joseph kuo / Chris Clemens
Haven Tower Jill Homenuk Group
424 317 4851 or 424 317 4854 Chief Executive Officer – Shareholder Relations and Communication
[email protected] Onex
or [email protected] 416 362 7711
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