Harbourfront Wealth Group announced it has entered into a definitive agreement to receive a strategic investment from Boston-based private equity firm Berkshire Partners. Audax Private Equity, Harbourfront’s existing capital partner, will retain a significant interest in the company after the transaction closes.
The deal values Harbourfront at C$1.775 billion and is expected to close in the second half of 2026, subject to customary closing conditions and regulatory approvals. The investment is expected to deliver a material return for Harbourfront shareholders, including the firm’s investment advisors across its more than 60 branches in Canada.
Headquartered in Vancouver, British Columbia, Harbourfront has more than C$22 billion in assets under administration and about 600 employees. The company serves affluent and high-net-worth clients through a CIRO-registered securities advisory firm and investment counsel portfolio manager.
Since Audax Private Equity first invested in Harbourfront in 2022, the company has increased its assets under administration by more than five times. This growth has been driven by organic expansion, advisor recruitment, M&A, and continued investments in technology and capabilities designed to improve the advisor and client experience.
Harbourfront has also completed five acquisitions since 2023, expanding its geographic footprint and broadening its service offerings. The new partnership with Berkshire Partners is expected to support further investment in Harbourfront’s people, technology, and platform capabilities.
Ardea Partners was lead advisor and Piper Sandler served as co-advisor to Harbourfront. CIBC Capital Markets acted as financial advisor to the Board of Directors and provided a fairness opinion. BMO Capital Markets and Goldman Sachs served as advisors to Berkshire Partners. Stikeman Elliott and Kirkland & Ellis provided legal counsel to Harbourfront and Audax, while Osler, Hoskin & Harcourt represented Berkshire Partners.
KEY QUOTES:
“Welcoming Berkshire Partners while continuing our partnership with Audax provides validation that Harbourfront has built one of the strongest independent wealth platforms in Canada. We’re pleased that we can reward our advisors through a partial liquidity event while giving them the ability to continue to grow their rollover equity.”
Danny Popescu, Founder and Executive Chair of Harbourfront
“Canada’s wealth management landscape is undergoing a fundamental shift toward independence, transparency, and advisor-led growth. Harbourfront sits at the center of this transformation, and our partnership reflects our deep conviction in the management team, the strength of Harbourfront’s advisory teams and employees, and the long-term opportunity ahead.”
Dave Bordeau, Managing Director at Berkshire Partners
“Harbourfront’s success is driven by exceptional advisors serving clients across Canada. Audax recognized that strength and supported our vision to establish Harbourfront as a preferred destination for advisors and their clients. We’re excited to build on that momentum with Berkshire Partners, whose partnership will help us continue investing in our people, technology and capabilities while creating even greater opportunities for advisors to grow and participate in the value they help create.”
Richard McIntyre, CEO of Harbourfront
“We are excited to remain a significant shareholder in Harbourfront. We believed in the management team’s vision when we first invested in the firm, and as Harbourfront has surpassed our initial goals, we continue to be just as bullish today in the firm’s prospects going forward.”
Bill Allen, Senior Managing Director at Audax Private Equity
