TA Associates completes acquisition of NorthStar

Two TA managing directors will join the investment advisory firm's board as part of the deal

TA Associates has completed its acquisition of NorthStar Financial Services Group after announcing the deal to acquire the Omaha, Neb.-based investment advisory company in February. 

The Boston-headquartered firm has acquired a majority stake in the company for an undisclosed sum. 

NorthStar, a company with $300 billion under management, provides support services to registered investment advisors, independent broker dealers and investment management firms. It also owns nine wealth management companies including CLS Investments, Gemini Fund Services, and Orion Advisor Services.

As part of the previously announced deal, TA managing directors M. Roy Burns and Todd Crockett will join Northstar's board.

TA Associates, meanwhile, continues to secure strong interest from institutional investors, obtaining a $200 million commitment from the Massachusetts Pension Reserves Investment Management Board, PEI reported previously.

Goodwin Procter provided counsel to TA on the NorthStar transaction, while Mayer Brown acted as legal advisor to NorthStar, which relied on Raymond James & Associates for financial advice.