Aon has agreed to sell a significant portion of its NFP wealth management businesses to Chicago-based private equity firm Madison Dearborn Partners (MDP) in a deal worth around $2.7bn.
The transaction involves key NFP entities such as Wealthspire Advisors, Fiducient Advisors, Newport Private Wealth, and their related platforms.
Aon anticipates that the transaction will generate after-tax cash proceeds of about $2.2bn. These businesses collectively reported an EBITDA of approximately $127m for the 12 months ending 30 June 2025.
Upon completion, the acquired businesses will be integrated under a unified brand identity.
Michael LaMena, the current CEO of Wealthspire Advisors, will assume the role of CEO for the consolidated entities, while Carl Nelson, presently NFP’s head of mergers and acquisitions (M&A), will take on the position of president. This leadership is expected to drive future growth and meet evolving client needs under MDP’s ownership.
Madison Dearborn Partners managing partner and financial services co-head Vahe Dombalagian said: “For more than twenty years, we have successfully generated value for our portfolio companies in the financial services sector and are tremendously excited to welcome these outstanding businesses back to MDP.
“Aon and NFP have been great partners and we’re pleased to deepen our relationship through this transaction.”
The divestiture aligns with Aon’s strategic initiative to concentrate on its core competencies within risk capital and human capital solutions, primarily focusing on middle-market clients. By streamlining its operations through this sale, Aon aims to enhance its service offerings in these key areas.
Aon CEO Greg Case said: “With our 3×3 Plan to accelerate our Aon United strategy, we are more focused than ever on serving our clients’ risk and people needs with distinction.
“This transaction reinforces our ongoing commitment to investing in and growing our core Risk Capital and Human Capital capabilities.
“Through disciplined portfolio management, we are further strengthening our capital position while enabling greater flexibility for high-return growth investments that drive sustained value creation and shareholder returns.”
The deal is expected to conclude in Q4 2025, subject to customary closing conditions and regulatory approvals. The timing of the closure suggests a minimal impact on Aon’s full-year financial results for 2025.
UBS Investment Bank acted as the lead financial adviser, while Moelis & Company served as a financial adviser to Aon for the transaction.
Skadden, Arps, Slate, Meagher & Flom and Dentons provided external legal counsel to Aon.
For Madison Dearborn Partners, Goldman Sachs & Co served as the financial adviser, with legal counsel from Paul, Weiss, Rifkind, Wharton & Garrison and Kirkland & Ellis.
Since April 2024, NFP has been part of Aon since April 2024 after its acquisition from funds affiliated with both Madison Dearborn Partners and HPS Investment Partners for an enterprise value of $13bn.
NFP operates as a consultative advisory organisation addressing significant challenges in risk management, workforce solutions, wealth management, and retirement planning. It has operations across various regions including the US, Puerto Rico, Canada, the UK, and Ireland.
