Davis Polk is advising Lightyear Capital and Ontario Teachers’ Pension Plan Board on their acquisition of wealth management firm Allworth Financial from private equity funds managed by Parthenon Capital Partners. The transaction is expected to close in the fourth quarter of 2020, subject to customary closing conditions. Financial terms of the transaction were not disclosed.
Founded in 2000, Lightyear Capital is a financial services-focused private equity firm based in New York. The Ontario Teachers’ Pension Plan Board is the administrator of Canada’s largest single-profession pension plan, with C$204.7 billion in net assets (all figures at June 30, 2020 unless noted). Founded in 1993 and based in Sacramento, California, Allworth is a full-service independent investment and financial advisory firm that specializes in retirement planning, investment advising, tax planning and preparation and estate planning for the mass affluent.
The Davis Polk corporate team includes partner Michael Davis and associates Francesca Campbell and Jonathan Saltz. The finance team includes partner J.W. Perry and associate Robert F. Smith. Partner David H. Schnabel is providing tax advice. Partner Adam Kaminsky is providing executive compensation advice. Partner Gregory S. Rowland is providing investment management advice. Partner Zachary J. Zweihorn is providing advice with respect to broker dealer and related matters. Members of the Davis Polk team are based in the New York and Washington DC offices.