Bain Capital has invested in Carson Group, a financial technology and services firms in the country, valuing the business over $1 billion. Carson Group will continue to operate under its current executive leadership team, led by founder and chief executive officer Ron Carson, who will remain the majority owner.
Founded in 1983 by Carson and headquartered in Omaha, Nebraska, Carson Group serves financial advisors and investors through its three businesses — Carson Wealth, Carson Coaching and Carson Partners.
“The Carson Group family of companies are well-respected for their growth focus, coaching playbook, and differentiated technology platform, and they continue to thrive because of the company’s vision and unrelenting dedication to helping advisors become true fiduciaries,” said Jeff Robinson, a managing director at Bain Capital.
“Our extensive search for a strategic partner over the last few months gave us an incredible opportunity to explore the value an investor could bring to our mission to be the most trusted for financial advice. The process taught us how uniquely positioned we are, how we could add exponential value to our advisors and, by extension, leverage our collective capabilities to build a client experience that sits at the forefront of the financial services industry,” said Carson. “We are grateful to Long Ridge for their partnership over these last five years of growth and development. Looking forward at this exciting inflection point, Bain Capital is the ideal fit for us– culturally and strategically.”
Bain Capital has a long history of investing in and partnering with founders and management teams to accelerate the growth of companies. The firm’s financial services and fintech investments have included Acorns, Applied Systems, AvidXchange, Billtrust, Corvus Insurance, Esure Group, FleetCor Technologies, Nets, Nexi, Passport, SigFig, SquareTrade, Vertafore and Worldpay.
“In a very large and highly fragmented market, Carson Group stands out with a differentiated value proposition for advisors and clients, and we are excited to help accelerate the growth and further build out a strategic platform reshaping the future of financial advice,” said Olof Bergqvist, a managing director at Bain Capital.
In conjunction with the transaction, Bain Capital purchased the equity interests from Long Ridge Equity Partners, which led a minority investment in the company in 2016.
Moelis & Co. LLC acted as the exclusive financial advisor, and Quarles & Brady LLP served as legal counsel to Carson Group. Ardea Partners LP served as financial advisor, Kirkland & Ellis LLP as legal counsel, and KPMG LLP as accounting and tax advisor to Bain Capital.