Ric Edelman will step down as CEO but will remain the largest individual shareholder.

Edelman Financial Services said Monday that it reached a definitive agreement to be acquired by affiliates of private equity firm Hellman & Friedman LLC, and that Hellman will begin to search for a new CEO to replace Ric Edelman.

Edelman said that San Francisco-based H&F will own the business in partnership with Edelman’s senior management team and current majority owner Lee Equity Partners, both of whom will retain “meaningful equity ownership” in the firm. Terms of the transaction were not disclosed.

Ric Edelman will leave the CEO post so that he can focus on “expanding the firm’s financial education activities, breadth of client services and geographic footprint,” the firm said in a statement. However, Ric Edelman will remain the largest individual shareholder.

Fairfax, Virginia-based Edelman Financial Services manages approximately $15 billion for more than 28,000 clients via 41 offices across the country and online.

“We are proud of our history of providing financial planning and investment management advice and service to our clients, and we are very excited to partner with Hellman & Friedman, whose experience in the financial services field will help us to better serve our clients and continue to grow to serve more hard-working Americans than ever,” Edelman said in a statement announcing the deal. “We will continue to enhance our services and strengthen our team over the next several years.”

Allen Thorpe, Hellman & Friedman’s managing director, noted in the statement that H&F embraces Edelman’s “tradition and look forward to investing in the business to help Ric and his team accelerate the firm’s success.”

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