Parthenon Capital Partners, Lovell Minnick Partners and Fisher Lynch have completed the acquisition of H.D. Vest Financial Services from Wells Fargo. Terms of the deal were not released. Irving, Texas-based H.D. Vest is a broker/dealer providing investment and financial advisory services to retail investors through tax professionals.
An investor group led by Parthenon Capital Partners, Lovell Minnick Partners, and Fisher Lynch has completed the previously announced acquisition of H.D. Vest Financial Services from Wells Fargo & Company.
H.D. Vest’s Chief Executive Officer, Roger Ochs, stated, “This is a landmark event in our firm’s rich history, and we are excited to have Parthenon, Lovell Minnick, and Fisher Lynch partnering with us as we begin a new chapter of growth at H.D. Vest. Their collective experience in the financial services arena complements our growth strategy and facilitates further enhancements to our advisor offering. We are committed to providing an unparalleled offering to tax professionals throughout the United States and believe we are even better equipped to do so as an independent firm.”
Brian Golson, Managing Partner at Parthenon Capital, commented, “We were particularly attracted to the company’s exceptional track record of delivering a complete platform to the tax advisor market. When we had the chance to partner with the company’s talented executive team to buy the business from Wells Fargo, we aggressively pursued the opportunity.”
Lovell Minnick Managing Director, Spencer Hoffman, added, “H.D. Vest’s brand, combined with its track record of growth and client service, firmly establishes the company’s leadership in providing financial advice through the tax professional market. H.D. Vest’s continued focus on tax professionals, and the specific needs they and their clients have, create a differentiated platform that we believe will thrive for years to come.”
Andrew Dodson, a Partner at Parthenon Capital Partners, commented on the market, “There are undeniable trends favoring increased saving for retirement and an increased need for independent financial advice. HD Vest and its advisors are uniquely positioned to benefit from these trends.”
About H.D. Vest
Based in Irving, Texas, H.D. Vest is a leading independent broker/dealer providing investment and financial advisory solutions to retail investors through tax professionals located throughout the United States. Recognized as the largest tax professional-focused financial services company and third largest independent broker/dealer in the United States, H.D. Vest provides industry-leading training, technology, and support that enable tax professionals to deliver independent financial solutions to retail investors. Through over 4,800 securities-licensed tax professionals, H.D. Vest provides comprehensive financial services to more than 1.8 million individuals, families, and small businesses. For more information, visit www.hdvest.com .
About Parthenon Capital Partners
Parthenon Capital Partners is a leading mid-market private equity firm based in Boston and San Francisco. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service industries. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. Parthenon has particular expertise in business services, financial and insurance services and healthcare, but seeks any service, technology or delivery business with a strong value proposition and proprietary know-how. Parthenon’s investment team has deep experience in corporate strategy, capital markets and operations, enabling the firm to pursue complex, multi-faceted value creation opportunities. For more information, visit www.parthenoncapitalpartners.com .
About Lovell Minnick Partners LLC
Lovell Minnick Partners LLC is a private equity firm focused on providing buyout and growth capital to companies in the financial services industry. From offices in Los Angeles and Philadelphia, Lovell Minnick manages private equity partnerships totaling $800 million on behalf of qualified private and institutional investors. Portfolio companies of Lovell Minnick operate in various areas of the global financial services industry, including asset management, financial product distribution, outsourced administration services, securities brokerage and investment banking, financial consulting, and commercial and trust banks.