NFP sells majority stake in Kestra
NFP, a specialist insurance broker, has completed the sale of a majority stake in Kestra Financial to funds managed by Stone Point Capital, a private equity firm focused on investing in the financial services industry.
NFP’s ultimate parent, under the terms of the transaction, will maintain a minority ownership interest in Kestra.
The agreement to sell the majority stake in Kestra was conducted on April 4 2016 and the transaction closed on June 24 2016.
Kestra, previously known as NFP Advisor Services, will continue to be led by president and chief executive officer (CEO) James Poer, and it board of directors will include Douglas Hammond, chairman and CEO of NFP.
Hammond commented: “As we look to the future, we remain committed to strengthening our presence in the insurance brokerage and consulting space and to providing the highest quality resources to our clients. The completion of this transaction is a tangible step toward our ongoing business objectives. We look forward to continued growth and expanding the NFP footprint.
“We are excited for our continued partnership with Kestra and Stone Point. We value the relationship we built with Kestra throughout our history and look forward to a mutually successful future.”
Bank of America Merrill Lynch acted as the exclusive financial advisor, and Ropes & Gray acted as legal advisor to NFP in the transaction. The financial terms were not disclosed.
