NFP To Be Acquired By Madison Dearborn Partners For $1.3 Billion
- Created: Monday, 15 April 2013 15:44
Founded in 1999 and headed Jessica Bibliowicz, the daughter of former Citigroup chairman Sandy Weil, NFP ambitiously purchased 90 advisory firms within three years of being founded. It went public in 2003 and its stock topped $58 a share in 2006.
Shareholders will receive $25.35 a share, according to a press release, which slightly lower than its initial public offering price 10 years ago. Advisors were paid for their equity in their firms with shares in NFP stock. Some advisors that sold their firms to NFP and that still hold the stock are likely to be happy to cash out but disappointed that the company never realized its potential.