On July 11, 2024, Envestnet, Inc. (NYSE: ENV) announced it had entered into a definitive agreement to be acquired by Bain Capital for approximately C$6 billion (US$4.5 billion), equivalent to US$86 per share. Reverence Capital also participated in the transaction, with strategic partners BlackRock, Fidelity Investments, Franklin Templeton, and State Street Global Advisors committing to hold minority positions in the private company post-transaction. Envestnet, managing over C$8.17 trillion (US$6 trillion) in assets and supporting over 109,000 financial advisors, was recognized as an industry leader in the 2024 T3/Inside Information Advisor Software Survey. The transaction is expected to close in Q4 2024, pending shareholder and regulatory approvals. Both Envestnet and Bain Capital operate in Canada, furthering their global reach.

Morgan Stanley & Co. LLC served as the exclusive financial advisor, and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel to Envestnet. J.P. Morgan Securities LLC acted as lead financial advisor, and Ropes & Gray LLP provided legal counsel to Bain Capital. RBC Capital Markets, BMO Capital Markets, Barclays, and Goldman, Sachs & Co. LLC provided committed debt financing and financial advisory services to Bain Capital, with additional debt financing from funds managed by Ares Management, Blue Owl Capital, and Benefit Street Partners.