Audax Private Equity, an alternative investment manager and capital partner for North American middle-market companies, has purchased a minority stake in Congress Wealth Management from CI Financial Corp.

Congress, led by president Paul Lonergan, serves clients across the U.S. from its Boston headquarters and offices in six other cities. CI, which first invested in Congress in the third quarter of 2020, holds its stake in the firm through CI Private Wealth LLC, its U.S. wealth management subsidiary.

“In addition to finding a solution that works for our ownership, we are also eager to pursue additional M&A opportunities thanks to the backing from Audax Group,” states Lonergan.