Bain Capital to Acquire Envestnet for $4.5 Billion: Key Points
- Acquisition Announcement:
- Bain Capital will acquire US wealth management software provider Envestnet for $4.5 billion.
- The deal is expected to close in Q4 2024.
- Investor Consortium:
- Reverence Capital, BlackRock, Fidelity Investments, Franklin Templeton, and State Street Global Advisors are participating as minority investors.
- Company Status:
- Envestnet will become a privately held company after the acquisition.
- The deal has been unanimously approved by Envestnet’s board of directors.
- Company Background:
- Founded in 1999 by Jud Bergman, Bill Crager, Brandon Thomas, and Jim Lumberg.
- Envestnet offers a wealth management platform for financial advisors and businesses.
- Manages over $6 trillion in assets and nearly 20 million accounts globally.
- Leadership and Strategic Vision:
- Interim CEO James Fox emphasizes maximizing value for shareholders.
- Co-founder and senior adviser Bill Crager highlights the positive outcome for clients and employees.
- Bain Capital partner Marvin Larbi-Yeboa commits to supporting Envestnet’s growth through organic and inorganic initiatives and further investments in its product offerings.
