Nationwide has agreed to acquire Jefferson National, a distributor of tax-advantaged investing solutions for registered investment advisers. No financial terms were disclosed. Jefferson National is a portfolio company of Napier Park Financial Partners, the private equity group of Napier Park Global Capital.
NEW YORK–(BUSINESS WIRE)–Napier Park Financial Partners, Napier Park Global Capital’s private equity group, announced that its portfolio company, Jefferson National, an industry-leading distributor of tax-advantaged investing solutions for registered investment advisors, fee-based advisors and the clients they serve, has entered into a definitive agreement to be acquired by Nationwide, one of the largest providers of insurance and financial services products in the U.S. Terms of the transaction were not disclosed.
Napier Park Financial Partners, working in partnership Jefferson National’s management team and co-investors, spearheaded the company’s management buyout in December 2011. During the intervening period, Jefferson National more than doubled its advisor base and quadrupled its innovative Investment-Only Variable Annuity (IOVA) assets under management. The sale of Jefferson National is the fourth sale, IPO or merger of a Napier Park Financial Partners’ Fund I company.
“We seek opportunities where we can partner with management teams and provide the resources and deep expertise in financial services to enable innovative growth companies with technology-enabled services to reach their full potential,” said Steve Piaker, managing director and co-head of Napier Park Financial Partners. “We are pleased to have once again partnered with the management team led by Mitch Caplan and Larry Greenberg to build a truly innovative financial services business. Our successful collaboration with them and our co-investors is a clear demonstration of the execution of this strategy.”
About Napier Park Financial Partners
Napier Park Financial Partners (“Financial Partners”), the private equity group of Napier Park Global Capital, seeks investment opportunities to partner with management and select co-investors to build high-performing businesses in the financial services industry. Financial Partners focuses on making investments in innovative companies capitalizing on growth opportunities created by the intersection of financial services and technology-enabled products and services. Financial Partners targets investments of $5 million to $30 million and works in partnership with its portfolio company management teams and co-investors to build value. Current and prior portfolio companies backed by Financial Partners span the following key industry subsectors – Payments Technology and Services, Banking & Lending Technology and Services, Insurance Technology and Services, Banking and Specialty Finance, Asset and Wealth Management, and Business Services and Outsourcing. For more information, visit http://www.napierparkglobal.com/cgi-bin/equity.pl#/growth-equity/overview.
About Napier Park Global Capital
Napier Park Global Capital is an independent alternative asset management firm that manages approximately USD 6.8 billion as of June 1, 2016. The firm offers a diversified product mix including credit funds, bespoke client solutions, private investments, CLOs, and structured credit to large, sophisticated institutional investors. Napier Park Global Capital has offices in New York, London and Switzerland. For more information, visit: www.napierparkglobal.com.