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BFD Expert Voices - Private Credit

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Bain Capital agreed to take Envestnet (NYSE: ENV) private in a deal worth $4.5 billion including debt, the companies announced Thursday.

Why it matters: The wealth management software company has faced waves of tumult since its former CEO died in a car crash in 2019.

Details: Reverence Capital also participated in the deal. BlackRock, Fidelity Investments, Franklin Templeton and State Street Global Advisors are expected to take minority stakes.

Envestnet, whose revenue comes from a mix of subscription and asset-based fees, posted $1.2 billion in revenue in 2023, up less than a percentage point compared with the year prior.

Its net loss jumped to $238.7 million, compared with $80.9 million the year prior.

Context: Envestnet has been the focus of takeover rumors since at least 2022, per Bloomberg.

Also in 2022, activist investor Impactive Capital took aim at the company, with Envestnet adding three Impactive board members to end the fight months later.

CEO Bill Crager, who took over the business after the death of co-founder Jud Bergman, stepped down in March.

State of play: The deal follows GTCR's agreement to take Envestnet competitor AssetMark private for $2.7 billion.

In December, Envestnet was exploring a sale of the Plaid competitor, which it bought for $590 million back in 2015, per Bloomberg.

That data aggregation business had over 400 million linked accounts as of the end of 2023, serving 1,324 paid firms.

But it's bleeding revenue, which last year fell 14%, to $150.9 million.

Bain Capital to take Envestnet private at $4.5B

Envestnet has been a part of the sale rumor mill for at least two years.

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Fintech

Bain Capital agreed to take Envestnet (NYSE: ENV) private in a deal worth $4.5 billion including debt, the companies <a class="gtmContentClick" data-vars-link-text="announced" data-vars-click-url="https://www.prnewswire.com/news-releases/envestnet-leading-wealth-technology-platform-announces-4-5-billion-take-private-transaction-with-bain-capital-302194797.html" data-vars-content-id="49e7d3ee-f60f-49a8-9add-9b60eabe34e4" data-vars-headline="Bain Capital to take Envestnet private at $4.5B" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.prnewswire.com/news-releases/envestnet-leading-wealth-technology-platform-announces-4-5-billion-take-private-transaction-with-bain-capital-302194797.html" target="_blank">announced</a> Thursday.Why it matters: The wealth management software company has faced waves of tumult since its former CEO died in a car crash in 2019.

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Bain Capital to take Envestnet private at $4.5B

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