Deals
Thomas H. Lee Buys Stake in $50 Billion Wealth Manager HighTower
- Chicago-based advisory firm seeks to expand, payout investors
- THL also commits to invest $100 million after deal closes
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Thomas H. Lee Partners agreed to buy a stake in HighTower, betting on a wealth-management company that has been expanding with the purchase of investment-advisory firms.
The private equity firm is acquiring a "significant" piece of the Chicago-based company, which oversees about $50 billion in client assets, HighTower’s chief executive, Elliot Weissbluth, said Wednesday. HighTower was advised by JPMorgan Chase & Co. on the deal and Weissbluth declined to comment on the terms.