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Prime Capital Sells Minority Stake to Carlyle, Gives Owners Liquidity Opportunity
['Alex Ortolani', 'Senior Reporter', 'Wealth Management']
wealthmanagement
Prime Capital, an Overland Park, Kan.-based registered investment advisor overseeing about $40 billion in client assets, has recapitalized with a minority stake from private equity firm The Carlyle Group.
Spencer said Prime Capital considered numerous stakeholders in conjunction with bankers at William Blair and Goldman Sachs.
Spencer said Prime Capital also renegotiated its credit facility as it prepares to continue acquiring and making other investments for growth.
Related:SEIA Launches Tax Division, Expands Family Office ServicesOn Wednesday, Prime Capital settled a multi-year legal battle with Edelman Financial Engines over non-solicitation agreements.
Prime Capital agreed to an injunction detailing procedures that the company and any Edelman planner who opts to leave for Prime Capital must take if they switch firms.