Berkshire Partners has agreed to make a strategic investment in Harbourfront Wealth Group, valuing the Canadian independent wealth management firm at C$1.775 billion (around $1.25 billion).
Audax Private Equity, which has backed Harbourfront since 2022, will remain a significant shareholder following the transaction. The investment positions Berkshire to capitalize on continued consolidation and advisor migration toward independent wealth management platforms in Canada. Headquartered in Vancouver, British Columbia, Harbourfront Wealth Group oversees more than C$22 billion (around $15 billion) in assets under administration and employs approximately 600 people across more than 60 locations nationwide. The company has completed five acquisitions since 2023, expanding both its geographic footprint and service capabilities.
Ardea Partners served as an advisor to Harbourfront, with Piper Sandler acting as co-advisor and CIBC Capital Markets serving as financial advisor to Harbourfront’s board and providing a fairness opinion. BMO Capital Markets and Goldman Sachs advised Berkshire Partners. Legal counsel was provided by Stikeman Elliott and Kirkland & Ellis to Harbourfront and Audax, while Osler, Hoskin & Harcourt advised Berkshire Partners.