Partners across Ropes & Gray steered Bain Capital’s $4.5 billion acquisition of the wealth technology platform Envestnet Inc, a transaction that was announced Thursday. The deal is set to bolster Bain’s resources for investors and financial advisors, with Paul, Weiss, Rifkind, Wharton & Garrison advising Envestnet throughout the process.
Envestnet, which oversees nearly $20 million in accounts and manages $6 trillion in assets, provides support to hundreds of thousands of advisors and asset managers. The deal attracted investment from financial giants including BlackRock, Fidelity Investments, Franklin Templeton, and State Street Global Advisors, who plan to maintain minority positions in the company.
The Ropes & Gray team was led by private equity partners Will Shields, David Hutchins, and Jessica Cooney. Shields previously served as co-chair of the firm’s private equity transactions group, while Hutchins, who became partner in 2022, was formerly general counsel for Bain Capital’s private investments in North America, according to the firm’s website.
The team from Paul Weiss included partners Benjamin Goodchild and M&A group chair Robert A. Kindler.
Ropes & Gray also involved mergers & acquisitions partners Thomas Holden and Thomas Fraser, finance partners Scott Rolnik and Byung Choi, and asset management partners Jessica Reece, Brynn Rail, and Greg Davis in the transaction. Additionally, data, privacy & cybersecurity partner Ed McNicholas, tax partner Pamela Glazier, IP transactions partner Erica Han, employment partner Megan Bisk, and business restructuring partner Ryan Dahl contributed their expertise.
This acquisition follows Bain Capital’s recent purchase of education software company Powerschool Holdings Inc. for $5.6 billion, a transaction in which Ropes & Gray also played a significant role last month.
For more details on the Envestnet deal, visit the full article on Bloomberg Law.