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Stone Point Capital to buy majority stake in NFP Advisor Services

NFPCorp. entered into an agreement with funds managed by underwhich NFP Advisor ServicesLLC will change its name to Kestra Financial, according to an April4 news release.

As part of the agreement, Stone Point will acquire majorityownership of Kestra, and NFP's ultimate parent will retain a minority ownershipstake.

The transaction, which is subject to customary closingconditions, is expected to close within 90 days.

Terms of the transaction were not disclosed.

NFP Chairman and CEO Douglas Hammond will serve as a memberof Kestra's board.

NFP and Kestra also entered into long-term reciprocalagreements for Kestra to serve as the preferred broker/dealer and registeredinvestment adviser for NFP offices and membership organizations.

Bank of America Merrill Lynch acted as the exclusivefinancial adviser, and Ropes & Gray acted as legal adviser to NFP in thetransaction.