Aon has announced a strategic move with the signing of a definitive agreement to sell a substantial portion of NFP’s wealth management business to Madison Dearborn Partners (MDP), a Chicago-based private equity firm known for its deep experience in financial services. The deal includes Wealthspire Advisors, Fiducient Advisors, Newport Private Wealth, and several related platforms, all of which have played a significant role in NFP’s wealth management footprint.
This divestiture marks a meaningful shift in Aon’s portfolio strategy, aligning with its broader focus on core capabilities in risk capital and human capital. By streamlining its holdings and concentrating on areas where it sees the most significant potential for long-term growth and client impact, Aon is reinforcing its commitment to disciplined capital allocation and operational clarity. The sale is expected to generate approximately $2.2 billion in after-tax cash proceeds, based on a total estimated transaction value of $2.7 billion. These funds will further strengthen Aon’s balance sheet and provide flexibility for future investments in its core business areas.
The businesses being acquired by MDP generated around $127 million in EBITDA over the twelve months ending June 30, 2025, underscoring their scale and profitability. Once the transaction is finalized, which is anticipated in the fourth quarter of 2025 pending regulatory approvals and other customary closing conditions, the acquired entities will be consolidated under a single brand.
The leadership will transition to Michael LaMena, currently CEO of Wealthspire Advisors, who will serve as Chief Executive Officer of the newly unified company. Carl Nelson, currently the Head of M&A at NFP, will assume the role of President, bringing continuity and strategic insight to the new organization.
This move also represents a kind of homecoming for MDP, which previously owned NFP before selling it to Aon in 2023. The reacquisition of these wealth management platforms reflects MDP’s continued confidence in the sector and its belief in the long-term value of these businesses. With a renewed focus and fresh capital, the firm plans to support the growth of the newly formed entity through organic expansion and strategic acquisitions, aiming to enhance client offerings and create new opportunities for employees across the organization.
While the financial impact of the transaction on Aon’s full-year 2025 results is expected to be minimal, the long-term implications are more significant. The deal reflects a broader trend in the professional services industry, where firms are increasingly refining their portfolios to align with evolving market demands and internal strengths. In this case, Aon is choosing to focus on the areas where it can lead with distinction, while MDP steps in to guide the next chapter for a group of well-established and high-performing wealth management businesses.
Advisors: UBS Investment Bank served as lead financial advisor and Moelis & Company served as financial advisor to Aon on the transaction. Skadden, Arps, Slate, Meagher & Flom and Dentons acted as external legal counsel to Aon. Goldman Sachs acted as the financial advisor to MDP on the transaction. Paul, Weiss, Rifkind, Wharton & Garrison and Kirkland & Ellis, provided legal counsel to MDP.
KEY QUOTES:
“With our 3×3 Plan to accelerate our Aon United strategy, we are more focused than ever on serving our clients’ risk and people needs with distinction. This transaction reinforces our ongoing commitment to investing in and growing our core Risk Capital and Human Capital capabilities. Through disciplined portfolio management, we are further strengthening our capital position while enabling greater flexibility for high-return growth investments that drive sustained value creation and shareholder returns.”
“We remain highly committed to our core wealth and retirement business helping employers, fiduciaries and investment officers through our leading institutional retirement, investment consulting and delegated management capabilities and expertise.”
Greg Case, CEO of Aon
“For more than twenty years, we have successfully generated value for our portfolio companies in the financial services sector and are tremendously excited to welcome these outstanding businesses back to MDP. Aon and NFP have been great partners and we’re pleased to deepen our relationship through this transaction.”
Vahe Dombalagian, Managing Partner and Co-Head of Financial Services at MDP, who led the transaction alongside Matt Raino, Partner and Co-Head of Financial Services at MDP
“With MDP’s support, these companies will continue to thrive, working together to grow organically and through acquisitions, enhance the value they deliver to clients and create new opportunities for employee development. We look forward to continuing to accelerate growth in our middle market-focused businesses by helping clients overcome challenges and meet their goals.”
Doug Hammond, CEO of NFP
