Independent wealth manager Wellington-Altus Financial Inc. is seeking a new private equity partner to buy as much as 30 per cent of the company as it looks to hit $50-billion in client assets by 2026.
The firm manages more than $35-billion in assets, and Mr. Hauser said its next medium-term target is to reach $50-billion by 2026. The long-term goal is to reach $100-billion.This is the fourth round of equity financing the company has sought to complete. The first three included primary private equity capital.
And, earlier this year, Wellington-Altus secured a new credit facility from private credit funds managed by Los Angeles–based Ares Management Corp.He declined to comment on any financial details of the facility other than to say it is “long-term in nature.” Co-founded in 2017 by Mr. Hauser and chair Charlie Spiring, Wellington-Altus has been aggressively recruiting financial adviser teams across Canada. Today, the company has grown to about 110 adviser teams and 900 employees.
“We’ve had a lot of folks call us the last two years,” he said. “And we think we have a real good handle on the private equity sponsors down there. Now, we would be looking to finding a new partner through a formalized process.”