October 4, 2023
Willkie is advising Cetera Financial Group and Genstar Capital on Cetera’s equity reinvestment from Genstar.
Announced October 4, the transaction provides Cetera, the premier financial advisor Wealth Hub, with fresh equity from existing investor Genstar’s two newest funds. The reinvestment enables Cetera to continue serving advisors and their clients in new and innovative ways as part of its next chapter of growth.
Genstar originally invested in Cetera in 2018. Under Genstar’s ownership, Cetera has transformed into an essential partner for its independent advisor and financial institution clients, offering critical solutions and support to enable growth. Genstar’s reinvestment is led by its newest fund, Fund XI, with additional capital from Fund X, and positions Cetera for continued growth and success. Genstar will remain Cetera’s majority investor and lead partner.
The transaction is expected to close in the fourth quarter of 2023, subject to the receipt of regulatory approvals and the satisfaction of other closing conditions.
Willkie previously represented Genstar and Cetera in numerous transactions, including Genstar’s initial investment in Cetera in 2018. The firm also recently advised Cetera on its approximately $1.2 billion acquisition of Avantax, and on its acquisitions of The Retirement Planning Group, LLC and the retail wealth business of Securian Financial Group.
Cetera is the premier financial advisor Wealth Hub where financial advisors and institutions optimize their control and value creation.
Genstar Capital is a leading private equity firm that has been actively investing in high-quality companies for over 30 years. Based in San Francisco, Genstar currently has approximately $49 billion of assets under management and targets investments focused on targeted segments of the financial services, software, industrials, and healthcare industries.
The Willkie team was led by partners Jeffrey Poss and Manuel Miranda and included associates Augustine Donati, Joseph Moran and Brenna O’Connor.
Announced October 4, the transaction provides Cetera, the premier financial advisor Wealth Hub, with fresh equity from existing investor Genstar’s two newest funds. The reinvestment enables Cetera to continue serving advisors and their clients in new and innovative ways as part of its next chapter of growth.
Genstar originally invested in Cetera in 2018. Under Genstar’s ownership, Cetera has transformed into an essential partner for its independent advisor and financial institution clients, offering critical solutions and support to enable growth. Genstar’s reinvestment is led by its newest fund, Fund XI, with additional capital from Fund X, and positions Cetera for continued growth and success. Genstar will remain Cetera’s majority investor and lead partner.
The transaction is expected to close in the fourth quarter of 2023, subject to the receipt of regulatory approvals and the satisfaction of other closing conditions.
Willkie previously represented Genstar and Cetera in numerous transactions, including Genstar’s initial investment in Cetera in 2018. The firm also recently advised Cetera on its approximately $1.2 billion acquisition of Avantax, and on its acquisitions of The Retirement Planning Group, LLC and the retail wealth business of Securian Financial Group.
Cetera is the premier financial advisor Wealth Hub where financial advisors and institutions optimize their control and value creation.
Genstar Capital is a leading private equity firm that has been actively investing in high-quality companies for over 30 years. Based in San Francisco, Genstar currently has approximately $49 billion of assets under management and targets investments focused on targeted segments of the financial services, software, industrials, and healthcare industries.
The Willkie team was led by partners Jeffrey Poss and Manuel Miranda and included associates Augustine Donati, Joseph Moran and Brenna O’Connor.
