Reported on exclusively by the Globe & Mail.
VANCOUVER, British Columbia, June 14, 2022 (GLOBE NEWSWIRE) — The Harbourfront Group of Companies (“Harbourfront”) which includes Harbourfront Wealth Management Inc., a Canadian independent wealth management and financial planning advisory firm, today announced a strategic investment from Audax Private Equity (“Audax”), valuing the company at an enterprise value of CAD $425 million.
“The nine-figure equity investment by Audax in our company provides validation that Harbourfront’s business formula is disrupting the independent investment dealer space in Canada. The partnership with Audax will accelerate our company’s organic growth plus better position us to grow by acquisition. Over the past eight years, we’ve changed the lives of our clients and today, we’re rewarding the advisors who took the leap and joined us. Our strategic partnership with Audax will allow us to do more of the same but on an even bigger scale,” said Danny Popescu, Harbourfront’s CEO.
Bill Allen, Managing Director at Audax, said, “We are thrilled to partner with Danny and the entire Harbourfront team. The Company has earned its reputation as one of the leading independent advisory firms in Canada for both advisors and clients alike by combining a best-in-class team with the highest quality service level and product offering. Harbourfront is the ideal platform for Audax to support as the company executes on its aggressive growth plans in Canada.”
The transaction is subject to customary closing conditions including regulatory approval. Audax’s investment will be distributed among Harbourfront’s shareholders, including its team of Investment Advisors.
Raymond James Ltd. is serving as financial advisor and Fasken Martineau DuMoulin LLP is serving as legal counsel to Harbourfront. Ardea Partners LP is serving as financial advisor and Stikeman Elliott LLP and Kirkland & Ellis LLP are serving as legal counsel to Audax.
About The Harbourfront Group
Founded in 2013, the Canadian-owned group is headquartered in Vancouver, B.C. and has a rapidly growing network that currently consists of 23 branches across Canada. The Harbourfront Group includes a registered Securities Dealer/Investment Advisory firm servicing established advisors and their high net worth clients, an Investment Fund Manager that specializes in managing sub-advised alternative investment funds and a US SEC Registered Investment Advisory firm.
Learn more: www.harbourfrontwealth.com
About Audax Private Equity
Audax Group is a leading alternative investment manager with offices in Boston, New York, and San Francisco. Since its founding in 1999, the firm has raised over $30 billion in capital across its Private Equity and Private Debt businesses. Audax Private Equity has invested over $9 billion in more than 150 platforms and 1,100 add-on companies, and is currently investing out of its $3.5 billion, sixth private equity fund. Through its disciplined Buy & Build approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. With more than 300 employees and over 100 investment professionals, the firm is a leading capital partner for North American middle market companies.
For more information, visit the Audax Private Equity website: www.audaxprivateequity.com
