New York private equity firm Lightyear Capital LLC has acquired Wealth Enhancement Group from Norwest Equity Partners for an undisclosed amount.

Wealth Enhancement Group, headquartered in Plymouth, Minnesota, provides financial planning, investment management, tax strategies, insurance and estate planning to affluent people.

The company had been backed by Minneapolis private equity firm Norwest Equity since 2007. Under Norwest's ownership, Wealth Enhancement was able to enhance its assets under management from $2.4 billion to $4.7 billion, according to the company.

The buyer specializes in making financial services investments, and has $2.5 billion in capital. Lightyear's other portfolio companies include health care benefits technology Alegeus Technologies LLC, equipment rental group BakerCorp. and Cetera Financial holdings Inc., a broker-dealer.

William Blair & Co. served as financial adviser, and Lindquist & Vennum provided legal services to Norwest. 

Other wealth management deals have come from Genstar Capital, which bought Mercer Advisors in March, and the Colony Group, which acquired CapGroup Advisors. 

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