Boston-based TA Associates has acquired NorthStar Financial Services and its nine subsidiary wealth management service providers. Those companies include CLS Investments, Gemini Fund Services, and Orion Advisor Services.
Terms of the transaction were not disclosed and TA declined to comment.
The deal is expected to close in the second quarter of this year subject to regulatory approval. Existing NorthStar management will retain leadership roles in the company alongside associates from TA.
Omaha-based NorthStar said it chose TA Associates out of a desire to remain private and because of its experience with financial services companies. The company provides support services to registered investment advisors (RIAs), independent broker dealers (IBDs) and investment management firms.
“After exploring numerous options designed to take the NorthStar companies to the next level of growth, we made a carefully thought-through decision to remain a private company, and to retain our independence, which we believe is to the benefit of our clients,” said Eric Clarke, CEO of Orion Advisor Services.
Northstar has approximately $275 million in assets under management and administration.
TA Associates is reportedly in market with a new fund targeting $4 billion for growth equity investments.