Fairfax-based Edelman Financial Services to be acquired

Published October 12, 2015 by Robert Powell, III

Fairfax-based Edelman Financial Services, one of the largest independent financial planning firms in the U.S., has agreed to be acquired by affiliates of the private equity firm Hellman & Friedman LLC.

H&F will own the business in partnership with Edelman’s senior management team and the current majority owner, New York-based Lee Equity Partners, both of whom will retain equity ownership in the firm.

Ric Edelman will remain the largest individual shareholder. Terms of the transaction were not disclosed.

Edelman Financial manages approximately $15 billion for more than 28,000 clients through 41 offices across the country and online. Edelman has been ranked three times as the top independent financial adviser in the nation by Barron’s.

Edelman Financial Services has announced that it is conducting a search for a CEO so that Ric Edelman can focus on expanding the firm’s financial education activities, breadth of client services, and geographic footprint.

Founded in 1984, Hellman & Friedman has offices in San Francisco, New York, and London. Since its founding. H&F has raised over $35 billion of committed capital.