Kelso & Company Takes 25% Stake in Wellington-Altus at CAD $1.5B Valuation
Wellington-Altus Financial Inc. announced that Kelso & Company will make a minority equity investment of nearly CAD $400 million, valuing the fast-growing Canadian wealth management firm at over CAD $1.5 billion (approximately US $1.06 billion). Upon completion, Kelso will hold a 25% minority stake, marking one of the largest private equity investments in Canada’s independent wealth advisory sector.
The transaction provides liquidity for existing Canadian shareholders while ensuring that Wellington-Altus remains majority-owned by Canadians, with its advisors and employees continuing as the largest shareholder group.
“We are thrilled to welcome Kelso as our new strategic equity partner,” said Shaun Hauser, Founder and CEO of Wellington-Altus. “Kelso’s pioneering history in employee share ownership and deep experience in the wealth advisory marketplace make them an ideal partner as we continue to lead the evolution of wealth management in Canada.”
Founded in 2017 and headquartered in Winnipeg, Manitoba, Wellington-Altus has quickly become one of Canada’s top-rated independent investment dealers, supporting a nationwide network of entrepreneurial financial advisors. The firm’s diversified business lines span private counsel, U.S. cross-border wealth services, and insurance solutions, catering to high-net-worth individuals and families across the country.
Kelso & Company brings decades of experience partnering with management-owned businesses, particularly in financial services and wealth management.
Existing investor Cynosure Group, which has invested more than CAD $100 million in Wellington-Altus to date, will remain an investor following the transaction.
Ardea Partners LP served as exclusive financial advisor to Wellington-Altus, while Goldman Sachs & Co. LLC acted as financial advisor to Kelso.