NFP, an insurance broker and consultant with some 1,700 affiliated independent advisors, says its advisor-services unit will soon have a new owner and a new name: It entered into a deal on Monday with Stone Point Capital, which will acquire a majority stake in NFP Advisor Services — set to be renamed Kestra Financial.
The news comes about three years after NFP, formerly named National Financial Partners, was bought by the private equity group Madison Dearborn Partners in a deal valued at about $1.3 billion (including NFP’s convertible debt). It also follows the January announcement that private equity firm Lightyear Capital was buying the Advisor Group from AIG.
The Stone Point-NFP transaction is subject to customary closing conditions and should close within 90 days, according to NFP. Terms of the transaction were not disclosed.
“We built [Austin-based] Kestra as a premium service provider for the independent advisor marketplace, and in recent years, NFP and Kestra have each experienced tremendous growth,” said NFP Chairman and CEO Douglas Hammond, in a statement.