Reverence Capital to buy majority of PSP-backed Advisor Group
U.S. private equity firm Reverence Capital Partners has agreed to acquire a 75 percent stake in Advisor Group Inc, a Phoenix, Arizona-based network of independent financial advisors. Terms weren't disclosed. The main sellers were U.S. private equity firm Lightyear Capital and Canadian pension fund Public Sector Pension Investment Board (PSP Investments), which acquired the company in 2016. The deal, expected to close in Q3 2019, will see Lightyear, PSP and other investors retain a 25 percent interest. Centerbridge Partners was in talks to acquire Advisor Group for more than US$2 billion, Bloomberg reported in April.
9 May 2019•5 mins read
