Aquiline Capital Partners acquired a majority ownership stake in SageView Advisory Group, sources familiar with the matter confirmed.
Terms of the deal were not disclosed.
Randy Long, founder and managing principal of SageView, and Jon Upham, principal, will continue to lead the firm and "retain a significant equity stake" in the company, the investment consultant said in a news release Tuesday. In addition, an unspecified number of SageView's more than 100 employees will become equity holders in the company as a result of this deal.
Mr. Long said in the release that Aquiline's investment in the company will provide SageView "with the capital for continued growth in the institutional retirement and wealth management arenas, as well as expanded ownership among" the firm's advisers "and key associates."
Jefferies served as financial adviser and Burr Forman served as legal counsel to SageView, while Ardea Partners served as financial adviser and Willkie Farr & Gallagher served as legal counsel to Aquiline during the process. Wise Rhino also advised Aquiline.
SageView had more than $119 billion in assets under advisement as of Sept. 30.