Wellington-Altus shareholders have voted in support of a deal to sell a 25% interest in the firm to U.S.-based private equity shop Kelso & Co. for just under $400 million.
The transaction will bring on a seasoned wealth management investor as a partner, and serves to confirm Wellington-Altus’s enterprise value at over $1.5 billion, Shaun Hauser, Wellington-Altus’s founder and CEO, said in an interview. It will also allow existing shareholders to liquidate some holdings, he added.
“We wanted to sincerely thank a lot of our advisors and our corporate employees and people that trusted us when we were much smaller,” something the deal accomplishes by putting “some cash in everyone’s jeans,” he said.
The transaction has been approved by close to 90% of Wellington-Altus shareholders so far, more than the two-thirds needed for it to pass. It still requires regulatory approvals, but is expected to be completed in early 2026.