Los Angeles private equity firm Leonard Green & Partners has taken a minority stake in Kansas City, Kansas-based Mariner Wealth Advisors, which works with 350 advisors across 42 U.S. offices.
Leonard Green & Partners "will invest significant capital to fuel" the wealth advisory firm's plans to "substantially grow its footprint throughout" the U.S., said Mariner, which has assets under advisement of over $40 billion.
Terms of the deal were not disclosed. But the direct equity stake that Marty Bicknell, Mariner Wealth Advisors CEO, president and founder, has in the firm, as well as the day-to-day management and leadership at Mariner, will remain unchanged, it said. LGP, however, will have representation on Mariner's board.
LGP declined to comment on Wednesday.
"This is a tremendous opportunity for our company to continue our expansion and hiring of talent throughout the United States," according to Bicknell.
