Leonard Green Said to Invest $600 Million in Mariner Wealth

Buyout firm Leonard Green & Partners agreed to invest about $600 million to acquire a minority stake in Mariner Wealth Advisors, according to people with knowledge of the transaction.

The deal values the firm at about $1.8 billion and is expected to fuel Mariner’s expansion across the U.S., said the people, who asked not to be identified. Mariner offers a range of investment services including financial and tax planning.

Mariner is seeking to capitalize on growing demand among small, independent firms to bolster their offerings as large asset managers have come to dominate the industry. The Overland Park, Kansas-based ...