A month after its founder insisted that the Mutual Fund Store was not for sale, the firm has indeed sold to gigantic private equity firm Warburg Pincus.
Adam Bold has now admitted to selling a majority stake in the firm, the nation's third-largest RIA.
Previously, he was more interested in denying the idea that he was negotiating any sort of transaction.
Regardless, he hopes that the backing of Warburg Pincus -- which manages a private equity portfolio worth $30 billion -- will give the Mutual Fund Store more juice for added growth.
Since the last time we covered the company, it's already added $100 million in retail investor accounts and now manages $6.5 billion.
Terms of the deal were not discussed. Industry gossip originally had Bold wanting to sell the firm for $300 million or more.
That would represent four to five times annual revenue, which seemed more than a little rich at the time.
Still, the gossip got the existence of this deal right, so maybe the price tag was in that ball park after all.
Bold will keep a minority stake and operational control of the company.