Onex Corporation Gets Ownership in Wealth Enhancement Group
Posted on 08/25/2021
Toronto-based Onex Corporation made an investment in Wealth Enhancement Group (WEG), a wealth management firm founded in 1997 with nearly US$ 40.2 billion in client assets. The investment was made through Onex Partners V and certain Onex co-investors, including Onex Corporation. Upon completion of the transaction, expected later this year, Onex will join WEG’s current institutional shareholder, TA Associates (TA), as equal capital partners. In addition to the firm’s capital partners TA and Onex, a large number of employees will continue to hold equity stakes in the firm.
Year to date, WEG has added more than US$ 2.4 billion in assets organically while also entering definitive agreements on ten acquisitions representing US$ 10.4 billion in total assets.
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 served as legal representation for Onex in the transaction.