Partners across Ropes & Gray steered Bain Capital’s $4.5 billion acquisition of wealth technology platform Envestnet Inc.
The transaction, announced Thursday, was made to enhance the private investment firm’s resources for investors and financial advisors. Paul, Weiss, Rifkind, Wharton & Garrison advised Envestnet throughout the deal.
Envestnet oversees nearly $20 million in accounts, manages $6 trillion in assets, and supports hundreds of thousands of advisors and asset managers, the announcement said. BlackRock, Fidelity Investments, Franklin Templeton, and State Street Global Advisors have invested in the deal and plan to hold minority positions in the company, according to the announcement.
The Ropes & Gray team is headed by private equity partners Will Shields, David Hutchins, and Jessica Cooney. Shields was formerly the firm’s co-chair of its private equity transactions group. Hutchins was general counsel for Bain Capital’s private investments in North America before becoming partner in 2022, according to the firm’s website.
The Paul Weiss team is led by M&A chair Robert A. Kindler and partner Benjamin Goodchild.
Ropes also brought mergers & acquisitions partners Thomas Holden and Thomas Fraser, finance partners Scott Rolnik and Byung Choi, and asset management partners Jessica Reece, Brynn Rail, and Greg Davis into the deal, among others.
The firm’s data, privacy & cybersecurity partner Ed McNicholas, tax partner Pamela Glazier, IP transactions partner Erica Han, employment partner Megan Bisk, and business restructuring partner Ryan Dahl, also assisted.
In June Ropes & Gray helped Bain Capital acquire education software company Powerschool Holdings Inc. for $5.6 billion.
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