Investment from Leading Alternative Investment Manager Values Harbourfront at an Enterprise Value of CAD $425 Million
Harbourfront partners with Audax Private Equity. (Credit: S K from Pixabay)
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.
Source: Company Press Release