Genstar Capital buys majority stake in Cetera Financial Group
July 17, 2018 By Greg Iacuri, Investment News The private-equity firm has previously invested in such companies as Mercer Advisors and AssetMark Cetera Financial Group, a network of six independent broker-dealers with about 8,000 brokers and advisers, said Tuesday evening that private-equity firm Genstar Capital will buy a majority equity stake in the company. Cetera's holding company, Aretec Group Inc., has entered into a definitive agreement with Genstar. Terms of the deal, slated to close in the third quarter, were not disclosed. Cetera's leadership team is "maintaining a meaningful ownership position," according to a press release, which didn't specify that position. The deal marks the completion of Cetera's review of its capital structure, which the company publicly acknowledged in February. LPL Financial and Lightyear Capital, the owner of Advisor Group, had also expressed interest in a potential...