KKR (NYSE: KKR) has agreed to acquire Janney Montgomery Scott LLC from the Penn Mutual Life Insurance Company.
Tracing its roots to 1832, Janney is a wealth management, investment banking and asset management firm. Janney has over $150 billion in assets under administration, with more than 900 financial advisors providing financial planning, asset allocation, retirement planning and other financial advice and services to clients across 135 offices in the U.S. Janney will become a standalone private company that will continue to operate independently. KKR will support Janney in creating an equity ownership program to provide the company’s 2,300 employees the opportunity to participate in the benefits of ownership.
Ardea Partners served as financial advisor and Kirkland & Ellis LLP and Simpson Thacher & Bartlett LLP served as legal advisors to KKR. WilmerHale served as legal advisor to Penn Mutual.