The private equity investment firm Madison Dearborn will pay $1.3 billion for NFP's stock, representing a 26% premium for NFP's shareholders.
A National Financial Partners Corp. shareholder sued to block the firm's $1.3 billion sale to Madison Dearborn Partners LLC's, a Chicago-based private equity firm.
The CEO of massive insurance broker and wealth management outfit NFP will be stepping down in May, according to a filing with the SEC.
Wealth management services provider National Financial Partners Corp. said Monday that it would sell itself to private equity firm Madison Dearborn Partners LLC for about $1.01 billion.
Takes on 10 adviser teams, with more than $800 million in assets.
After Madison Dearborn deal, Douglas Hammond takes over.
Start-up Lion Street in position to poach NFP reps and advisers.
Joe Duran and United Capital Financial Partners turn the equation on its head.
Firm being sold for less than its IPO price of 10 years ago
"The smart money is coming in," said industry consultant Tim Welsh, president of Larkspur, Calif.-based Nexus Strategy, "and now we'll see how smart the smart money is. Can they wring efficiencies out of this model?"