NEW YORK, July 1, 2013 /PRNewswire/ -- National Financial
Partners Corp. ("NFP"), a leading provider of benefits, insurance
and wealth management services, today announced the successful
completion of its acquisition by a controlled affiliate of Madison
Dearborn Partners, LLC, a private equity investment firm.
Pursuant to the terms of the previously announced merger
agreement, NFP stockholders will receive $25.35 in cash (without interest and less any
applicable withholding taxes) for each share of NFP common stock
they own, in a transaction with an equity value of approximately
$1.3 billion, which includes the full
value of NFP's convertible debt.
NFP stockholders voted to approve the transaction at a special
meeting of stockholders held on June 19,
2013. Under private ownership, NFP's common stock will no
longer be listed or traded on the New York Stock Exchange.
About NFP
National Financial Partners Corp., and its
benefits, insurance and wealth management businesses provide
diversified advisory and brokerage services to companies and high
net worth individuals, partnering with them to preserve their
assets and prosper over the long term. NFP advisors provide
innovative and comprehensive solutions, backed by NFP's national
scale and resources. NFP operates in three business segments. The
Corporate Client Group provides corporate and executive benefits,
retirement plans and property and casualty insurance. The
Individual Client Group includes retail and wholesale life
insurance brokerage and wealth management advisory services. The
Advisor Services Group serves independent financial advisors by
offering broker/dealer and asset management products and services.
Most recently NFP was ranked eighth on Business Insurance's 100
Largest Brokers of U.S. Business; second on Business Insurance's
Largest Agents and Brokers Headquartered in the U.S. Northeast; and
as the ninth Top Global Insurance Broker by Best's Review; it
operates the third largest executive benefits provider of
nonqualified deferred compensation plans by total clients as ranked
by PlanSponsor; operates a top 10 independent broker/dealer as
ranked by Investment Advisor; and has three advisors ranked in
Barron's Top 100 Independent Financial Advisors. NFP is also a
leading independent life insurance distributor according to many
top-tier carriers. For more information, visit
www.nfp.com.
About Madison Dearborn Partners
Madison Dearborn
Partners, based in Chicago, is a
leading private equity investment firm in the United States. Since Madison Dearborn's formation in 1992, the firm
has raised six funds with aggregate capital of over $18 billion and has completed approximately 125
investments. Madison Dearborn
invests in businesses across a broad spectrum of industries,
including financial and transaction services; basic industries;
business and government services; consumer; health care; and
telecom, media and technology services. Its noteworthy investments
include CapitalSource, Nuveen Investments, PayPal, TransUnion, and
EVO Payments. For more information, please visit www.mdcp.com.
Forward-looking Statements
This press release contains
forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include, without limitation, any statement that may
project, indicate or imply future results, events, performance or
achievements, and may contain the words "anticipate," "expect,"
"intend," "plan," "believe," "estimate," "may," "project," "will,"
"continue" and similar expressions of a future or forward-looking
nature. Forward-looking statements may include discussions
concerning revenue, expenses, earnings, cash flow, impairments,
losses, dividends, capital structure, market and industry
conditions, premium and commission rates, interest rates,
contingencies, the direction or outcome of regulatory
investigations and litigation, income taxes and the Company's
operations or strategy. These forward-looking statements are based
on management's current views with respect to future results.
Forward-looking statements are based on beliefs and assumptions
made by management using currently available information, such as
market and industry materials, experts' reports and opinions, and
current financial trends. These statements are only predictions and
are not guarantees of future performance. Forward-looking
statements are subject to risks and uncertainties that could cause
actual results to differ materially from those contemplated by a
forward-looking statement. Additional factors are set forth in
NFP's filings with the SEC, including its Annual Report on Form
10-K for the year ended December 31,
2012, filed with the SEC on February
15, 2013 and its Quarterly Report on Form 10-Q for the
period ended March 31, 2013, filed
with the SEC on May 3, 2013.
Forward-looking statements speak only as of the date on which they
are made. The Company expressly disclaims any obligation to update
or revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
SOURCE National Financial Partners Corp.