Private Equity Giants Vie for Wealth Manager NFP
Private equity firms TPG Capital and Madison Dearborn Partners are the two finalists bidding for National Financial Partners, a New York-based wealth management company with a market value of nearly $900 million, people familiar with the matter said.
NFP, which until last week was run by Sandy Weill's daughter, Jessica Bibliowicz, could be valued at around $1 billion in a deal, the people said on Wednesday, asking not to be named because details of the auction are confidential.
NFP said on March 13 that the company has decided to explore a sale following indications of interest from private equity firms, confirming a Reuters report the previous day.
Representatives for NFP, TPG and Madison Dearborn did not immediately respond to requests for comment.