Wellington-Altus shareholders set for liquidity as Kelso invests $400 million in minority equity deal
A $400m minority equity investment from US private equity firm Kelso & Company is set to reshape the ownership structure of Wellington-Altus Financial Inc., confirming an enterprise value of over $1.5bn for the Canadian wealth management firm.
Kelso will acquire a 25 percent minority stake in Wellington-Altus through a common equity transaction.
The deal allows existing Canadian shareholders to sell a portion of their shares, while ensuring that Wellington-Altus remains majority-owned by Canadians, with advisors and employees as the largest shareholder group.
A majority of shareholders have agreed in writing to support the transaction.
Shaun Hauser, founder and CEO of Wellington-Altus, said, “We are thrilled to welcome Kelso as our new strategic equity partner.”
He noted Kelso’s background in employee share ownership and experience in the wealth advisory sector.
Hauser stated that the transaction allows advisors and employees—described as the largest shareholder group—to “unlock additional value from their investments.” He also commented that Wellington-Altus remains well capitalized, with no net debt and continued growth prospects.
Cynosure Group, an existing investor with over $100 million CAD invested in Wellington-Altus, is not seeking liquidity at this time and continues to support the company.
INFOR Financial Group provided the board of directors with a verbal opinion that, as of October 16, 2025, and subject to the assumptions, limitations, and qualifications set out in their opinions, the consideration to be received by Wellington-Altus common shareholders is fair, from a financial point of view, to such holders.
Ardea Partners LP acted as exclusive financial advisor to Wellington-Altus, while Goldman Sachs & Co. LLC served as financial advisor to Kelso.
The investment is subject to approval by Wellington-Altus shareholders, regulatory approval in Canada, and other customary closing conditions. The transaction is expected to close in early 2026, with further details to be provided to shareholders in the coming weeks.
