Wellington-Altus announces nearly $400M strategic minority investment from leading private equity firm Kelso & Company, confirming $1.5B+ valuation

WINNIPEG, MB, Oct. 20, 2025 /CNW/ - Wellington-Altus Financial Inc. ("Wellington-Altus"), parent company of Canada's top-rated* investment dealer, today announced a nearly $400 million CAD secondary minority common equity investment from Kelso & Company ("Kelso"), a leading U.S. private equity firm renowned for its commitment to employee ownership. 

Upon completion, Kelso will acquire a 25% minority stake in Wellington-Altus in a common equity transaction, confirming an enterprise value of $1.5+ billion CAD. The transaction marks a significant milestone in Wellington-Altus' growth strategy, validating its business model and positioning the company for continued long-term expansion.  

This transaction gives existing Canadian shareholders the chance to cash out a portion of their shares while ensuring Wellington-Altus remains majority-owned by Canadians, with advisors and employees as the largest shareholder group. An overwhelming majority of the company's shareholders have agreed in writing to support the transaction. 

"We are thrilled to welcome Kelso as our new strategic equity partner," said Shaun Hauser, Founder & CEO of Wellington-Altus. "Kelso's pioneering history in employee share ownership and substantial experience in the wealth advisory marketplace make them an ideal partner as we continue to lead the evolution of wealth management in Canada. This transaction also enables our advisors and employees--our largest shareholder group--to unlock additional value from their investments. At the same time, Wellington-Altus remains very well capitalized with no net debt and strong growth prospects." 

"Alignment and partnership have been at the core of our investment approach for more than 45 years," said Bill Frayer, Partner at Kelso. "Wellington-Altus stands out for its innovative platform, entrepreneurial culture, and strong management team, making it the firm of choice for independent advisors in Canada. We look forward to partnering with Shaun and team to support the company's next phase of growth." 

Existing investor Cynosure Group, which has already invested over $100 million CAD in Wellington-Altus, continues to strongly support the company's growth story, and is not seeking liquidity at this time.  

Ardea Partners LP served as exclusive financial advisor to Wellington-Altus. Goldman Sachs & Co. LLC served as financial advisor to Kelso. 

INFOR Financial Group ("INFOR") has provided the Board of Directors with their verbal opinion that, as of October 16, 2025, subject to the assumptions, limitations and qualifications set out in their respective opinions, the consideration to be received by Wellington-Altus common shareholders is fair, from a financial point of view, to such holders. 

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. More details surrounding this exciting new chapter in the history of Wellington-Altus will be sent to shareholders in the coming weeks. 

About Wellington-Altus Financial Inc. 

Founded in 2017, Wellington-Altus Financial Inc. is the parent company to Wellington-Altus Private Counsel Inc., Wellington-Altus USA Inc., Wellington-Altus Insurance Inc., Wellington-Altus Group Solutions Inc., Independent Advisor Solutions Inc., and Wellington-Altus Private Wealth Inc.--the top-rated* investment dealer in Canada and one of Canada's Best Managed Companies. With more than $40 billion in assets under administration and offices across the country, Wellington-Altus identifies with successful, entrepreneurial advisors and portfolio managers and their high-net-worth clients. 

About Kelso 

Kelso is a North American-focused middle-market private equity firm founded on the principles of partnership and alignment of interest championed by Louis Kelso, the inventor of the Employee Stock Ownership Plan (or ESOP). Kelso's unique history drives a deep commitment to aligning the interests between the Firm's partners, management teams, strategic partners, and limited partners. The firm has made significant equity investments in the financial services sector and wealth management industry, including active investments in leading RIAs Savant Wealth Management and Pathstone. Since 1980, Kelso has raised more than $17 billion in capital commitments across 11 funds and has completed more than 140 investments. For more information, please visit www.kelso.com.   

*Investment Executive 2025 Brokerage Report Card.

SOURCE Wellington-Altus Financial Inc.

Media inquiries: Greg Burch, Media Relations, 204.250.9244, [email protected]