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Portfolio > Alternative Investments > Private Equity

National Financial Partners Acquired by Madison Dearborn

By Elizabeth D. Festa and Arthur D. Postal

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National Financial Partners Corp. has been acquired by Madison Dearborn Partners LLC, a private equity investment firm, in a $1.3 billion transaction.

NFP is a provider of benefits, insurance and wealth management services, based in New York.

Madison Dearborn Partners LLC, is a private equity investment firm. It is based in Chicago.

Under the terms of the deal, NFP shareholders will receive $25.35 in cash for each share of NFP common stock they own.

The deal includes the full value of the company’s convertible debt.

The purchase price represents a premium of approximately 26% over NFP’s closing share price of $20.05 on March 12, 2013, the last day of trading prior to press reports that NFP was considering a possible sale of the company.

“NFP has a solid foundation, and we are confident the company will thrive as a private enterprise in this next chapter of its evolution,” said Jessica M. Bibliowicz, the company’s CEO.

She said the “provides significant opportunities for our clients and employees by partnering with an extremely well-respected firm with proven expertise in the financial services sector. NFP has a solid foundation, and we are confident the company will thrive as a private enterprise in this next chapter of its evolution.” 

Bibliowicz is the daughter of former Citigroup Inc. CEO and Chairman Sanford Weill.

She has led NFP since 1999, but plans to step down next month. In the statement announcing the sale, Bibliowicz said NFP’s board plans to appoint Douglas W. Hammond, NFP’s president and chief operating officer, as CEO.

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