Canadian junior lender Penfund has made a $75 million second-lien and delayed-draw debt investment in Mariner Wealth Advisors, an Overland Park, Kansas-based wealth advisory business. The deal’s proceeds will support the company’s acquisition pipeline and other priorities. Mariner last year sold a minority interest to Leonard Green & Partners.
TORONTO, Ontario – Penfund, an independent provider of junior capital to North American middle market companies, announced today the completion of a US$75 million second-lien and delayed-draw debt investment in Mariner Wealth Advisors (“Mariner” or the “Company”), a portfolio company of Leonard Green & Partners, L.P. (“Leonard Green”). Proceeds from the transaction will be used to fund Mariner’s acquisition pipeline and for general corporate purposes.
Mariner is a Registered Investment Advisor (“RIA”) founded in 2006 and headquartered in Overland Park, Kansas with operations in 61 locations across 30 states. Mariner provides a holistic wealth management offering which encompasses financial planning, investment management, tax preparation, estate planning, and other services to individuals and corporate clients. More information can be found at www.marinerwealthadvisors.com.
Jeremy Thompson, a partner at Penfund, stated, “We have a longstanding relationship with Leonard Green and are pleased to have been able to support them again with this investment.”
Adam Breslin, a partner at Penfund, added “The Penfund team is excited to back Mariner and its management team in its next phase of growth. We have been looking for opportunities in the RIA industry for more than 18 months as we believe the sector has very attractive fundamentals that are well aligned with Penfund’s broader investment mandate. We believe Mariner is a top-tier RIA and we are happy to be partnering with Mariner and Leonard Green in making our first investment in the sector.”
About Leonard Green
Leonard Green is a leading private equity investment firm founded in 1989 and based in Los Angeles with over $50 billion of assets under management. The firm partners with experienced management teams and often with founders to invest in market-leading companies. Since inception, Leonard Green has invested in over 100 companies in the form of traditional buyouts, going-private transactions, recapitalizations, growth equity, and selective public equity and debt positions. The firm primarily focuses on companies providing services, including consumer, healthcare, and business services, as well as retail, distribution, and industrials. For more information, please visit www.leonardgreen.com.
Penfund is a leading provider of junior capital to middle market companies throughout North America. The firm is currently investing its most recently established fund, Penfund Capital Fund VII. Penfund manages funds sourced from pension funds, insurance companies, banks, family offices and high-net-worth individuals located in Canada, the United States, the Middle East, and Europe. Penfund has invested more than $3 billion in over 225 companies since its establishment. Assets under management are approximately $2.2 billion. Website: www.penfund.com