Ontario Teachers’ Pension Plan’s Acquisition of Allworth Financial

Davis Polk advised Lightyear Capital and Ontario Teachers’ Pension Plan Board, Torys LLP served as an advisor to Ontario Teachers’, while Kirkland & Ellis LLP served as legal advisor to Allworth and Parthenon on the deal.

Investment funds affiliated with Lightyear Capital LLC and Ontario Teachers’ Pension Plan Board have agreed to acquire wealth management firm Allworth Financial from private equity funds managed by Parthenon Capital. Financial terms of the transaction were not disclosed.

Founded in 2000, Lightyear Capital is a financial services-focused private equity firm based in New York.

The Ontario Teachers’ Pension Plan Board is the administrator of Canada’s largest single-profession pension plan, with C$204.7 billion in net assets (all figures at June 30, 2020 unless noted).

Founded in 1993 and based in Sacramento, California, Allworth is a full-service independent investment and financial advisory firm that specializes in retirement planning, investment advising, tax planning and preparation and estate planning for the mass affluent.

The Davis Polk corporate team included partner Michael Davis (Picture) and associates Francesca Campbell and Jonathan Saltz. The finance team includes partner J.W. Perry and associate Robert F. Smith. Partner David H. Schnabel provided tax advice. Partner Adam Kaminsky provided executive compensation advice. Partner Gregory S. Rowland provided investment management advice. Partner Zachary J. Zweihorn provided advice with respect to broker dealer and related matters.

Involved fees earner: Francesca Campbell – Davis Polk & Wardwell; Michael Davis – Davis Polk & Wardwell; Adam Kaminsky – Davis Polk & Wardwell; John Perry – Davis Polk & Wardwell; Gregory Rowland – Davis Polk & Wardwell; Jonathan Saltz – Davis Polk & Wardwell; David Schnabel – Davis Polk & Wardwell; Robert Smith – Davis Polk & Wardwell; Zachary Zweihorn – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Lightyear Capital LLC; Ontario Teachers’ Pension Plan Board;

Author: Ambrogio Visconti