After several months of intense industry speculation, Advisor Group said it is being acquired by the private-equity firm Reverence Capital Partners.
The firms did not disclose a price for the deal, but a report from Bloomberg said Centerbridge Partners had offered Advisor Group more than $2 billion about two weeks ago.
Advisor Group’s independent broker-dealers have about 7,000 advisers. The company had $1.7 billion in gross revenue and $268 billion in assets under administration in 2018.
As part of the deal, which is expected to close in the third quarter, Reverence Capital will purchase 75% of Advisor Group from Lightyear Capital, PSP Investments and others shareholders, who will keep a 25% stake.
Jamie Price will remain CEO of Advisor Group, an IBD network, which includes FSC Securities, Royal Alliance Associates, SagePoint Financial and Woodbury Financial Services.