Weil, Gotshal & Manges advised New York-based private equity firm Lee Equity Partners on its purchase of a majority stake in Simplicity Group Holdings, a financial product distributor whose previous majority stakeholder was Aquiline Capital Partners, according to a statement.
Willkie Farr & Gallagher, with Sirote & Permutt, PC, advised Simplicity. The 12-year-old company, which owns 15 insurance distributors, says it provides retirement solutions including annuity, life insurance, and investments to independent financial advisors, insurance professionals, and their clients through its operating subsidiaries.
Simplicity’s president & CEO, Bruce Donaldson, said the company is committed to client education and consumer value and has had four-straight years of growth. “Our new partnership with Lee Equity will allow us to accelerate our growth, while maintaining the distinguishing hallmark of our business: a true, collaborative partnership culture that attracts industry-leading professionals,” he said in the statement.
No further terms were disclosed for the transaction, expected to close by the end of 2020.
To contact the reporter on this story: Rick Mitchell in Paris at rmitchell@correspondent.bloomberglaw.com
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