Madison Dearborn-backed NFP acquires Newport Private Wealth

Madison Dearborn acquired NFP in 2013 in a deal valued at about $1.3 billion.

  • Newport Private Wealth has assets under management of approximately $4.3 billion
  • The deal brings NFP’s total assets under management to nearly $50 billion
  • It also expands NFP’s North American wealth management presence

Madison Dearborn Partners-backed NFP has acquired Toronto-based Newport Private Wealth, a provider of comprehensive wealth management services to high-net-worth individuals and families. The company will continue to operate under the Newport Private Wealth brand with its senior leadership team retaining their current roles.

Newport manages approximately $4.3 billion and its acquisition brings NFP’s total assets under management to nearly $50 billion.

New York-based NFP is an insurance broker and consultant that provides clients with specialized business and personal insurance, group benefits, retirement and individual solutions. It has nearly 7,000 employees globally.

“The addition of Newport strategically expands NFP’s North American wealth management presence by adding one of the leading organizations and platforms in the space,” said Doug Hammond, chairman and CEO, NFP. “This exceptional addition for NFP, which brings our total assets under management to nearly $50 billion, aligns with our focus of growing our wealth management business and delivering more solutions to meet the diverse needs of clients.”

“We’re delighted to join NFP and be part of a growing global organization dedicated to expanding its wealth management capabilities in North America,” said Douglas Brown, president and CEO of Newport Private Wealth.

Madison Dearborn acquired NFP in 2013 in a deal valued at about $1.3 billion. It is a Chicago-based private equity firm that has raised eight funds with aggregate capital of approximately $82 billion and has completed investments in more than 150 companies.

Last year, Madison Dearborn ran a single-asset secondaries process to obtain additional time to manage NFP, Buyouts reported. The deal’s total value was then expected to come in below $1 billion.