Hellman & Friedman – Texas Pacific Agree to Buy LPL
by Brett Cole and featured in Bloomberg News October, 2005: Buyout firms Hellman & Friedman LLC and Texas Pacific Group agreed to buy LPL Financial Services, an independent brokerage with 6,200 financial advisers, in a transaction that values LPL at $2.5 billion. Hellman & Friedman, based in San Francisco, and Fort Worth, Texas-based LPL said today in a statement. Founders and employees will retain a 40 percent stake in the company, which has 3,000 branches. The LPL model has a lot of appeal to brokers and allows them to be better advisers,’’ Texas Pacific partner Richard Schifter said in an interview today. LPL, which has its headquarters in Boston and San Diego,has bolstered its annual revenue by about 20 percent a year since 1991 to $1.1 billion last year as individuals have increasingly sought...