Wells Fargo Sells Private Equity Fund Investments
September 29 2023 - 4:30PM
Business Wire
Wells Fargo & Company (NYSE: WFC) announced today that it
has sold to a group of leading investors approximately $2 billion
of private equity investments in certain Norwest Equity Partners
(NEP) and Norwest Mezzanine Partners (NMP) funds. Wells Fargo was
previously the sole institutional limited partner in these funds.
The buyer group for Wells Fargo’s positions included AlpInvest
Partners (a subsidiary of Carlyle), Atalaya Capital Management,
Lexington Partners, and Pantheon.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20230929585934/en/
Facade of a Wells Fargo bank branch in
Manhattan (Photo: Wells Fargo)
“With this transaction, we are continuing with our strategic
efforts to focus on Wells Fargo’s core businesses and customers,”
said Wells Fargo Chief Financial Officer Mike Santomassimo.
“We are incredibly grateful to Wells Fargo for their long-term
partnership and continued support,” said Tim DeVries, NEP Managing
Partner.
Lazard Ltd served as financial advisor to Wells Fargo in
connection with the transaction.
Separately, Wells Fargo will continue its relationship and
investments with Norwest Venture Partners, a venture capital and
growth equity investment firm.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial
services company that has approximately $1.9 trillion in assets,
proudly serves one in three U.S. households and more than 10% of
small businesses in the U.S., and is a leading middle market
banking provider in the U.S. We provide a diversified set of
banking, investment and mortgage products and services, as well as
consumer and commercial finance, through our four reportable
operating segments: Consumer Banking and Lending, Commercial
Banking, Corporate and Investment Banking, and Wealth &
Investment Management. Wells Fargo ranked No. 47 on Fortune’s 2023
rankings of America’s largest corporations. In the communities we
serve, the company focuses its social impact on building a
sustainable, inclusive future for all by supporting housing
affordability, small business growth, financial health, and a
low-carbon economy. News, insights, and perspectives from Wells
Fargo are also available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com |
Twitter: @WellsFargo
Cautionary Statement about Forward-Looking Statements
This news release contains forward-looking statements about our
future financial performance and business. Because forward-looking
statements are based on our current expectations and assumptions
regarding the future, they are subject to inherent risks and
uncertainties. Do not unduly rely on forward-looking statements as
actual results could differ materially from expectations.
Forward-looking statements speak only as of the date made, and we
do not undertake to update them to reflect changes or events that
occur after that date. For information about factors that could
cause actual results to differ materially from our expectations,
refer to our reports filed with the Securities and Exchange
Commission, including the discussion under “Risk Factors” in our
Annual Report on Form 10-K for the year ended December 31, 2022, as
filed with the Securities and Exchange Commission and available on
its website at www.sec.gov.
News Release Category: WF-CF
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230929585934/en/
Wells Fargo
Media Beth Richek, 980-308-1568
beth.richek@wellsfargo.com
Investor Relations John Campbell,
415-396-0523 john.m.campbell@wellsfargo.com
Norwest Equity Partners
Media Jordan Niezelski,
860-833-2947 Jordan.niezelski@edelmansmithfield.com
Wells Fargo (NYSE:WFC)
Historical Stock Chart
From May 2024 to Jun 2024
Wells Fargo (NYSE:WFC)
Historical Stock Chart
From Jun 2023 to Jun 2024