- Though no figures were disclosed, Harbourfront confirms a 9-figure investment
- Harbourfront has plans to execute an aggressive growth plan in Canada
- Growth strategy includes potential acquisitions, a driver for the investment from Audax
Audax Private Equity has made a 9-figure strategic investment in financial services provider The Harbourfront Group of Companies, which includes Harbourfront Wealth Management. The deal values the company at C$425 million.
The investment is the second made in the financial services sector by Audax in its current portfolio.
Audax is an alternative investment manager headquartered in Boston with a further presence in San Francisco. Founded in 1999 it is currently investing out of its $3.5 billion, sixth private equity fund. It takes a buy and build approach and invests across sectors.
Bill Allen, Managing Director at Audax, said, “We are thrilled to partner with Danny and the entire Harbourfront team. The Company has earned its reputation as one of the leading independent advisory firms in Canada for both advisors and clients alike. Harbourfront is the ideal platform for Audax to support as the company executes on its aggressive growth plans in Canada.”
“The partnership with Audax will accelerate our company’s organic growth plus better position us to grow by acquisition and will allow us to do more of the same but on an even bigger scale,” said Danny Popescu, Harbourfront’s CEO.