Envestnet (ENV) to Acquire Prima Capital in $13.75M Deal

Envestnet, Inc. (NYSE: ENV), has entered into an agreement to acquire Prima Capital Holding, Inc., a premier provider of investment manager due diligence, research applications, asset allocation modeling and multi-manager portfolios to the wealth management and retirement industries. Prima’s clientele includes regional broker-dealers, trust companies, independent RIAs, family offices and seven of the top 20 banks in the U.S. by total assets.

Envestnet is acquiring Prima for $13.75 million in cash, subject to certain post-closing adjustments. The acquisition is subject to customary closing conditions, including third-party consents, and is expected to be completed by April 15, 2012.

Sterne, Agee & Leach, Inc. acted as the exclusive financial advisor to Broadridge and the shareholders of Prima in connection with the sale of Prima to Envestnet. Envestnet did not retain a financial advisor. Mayer Brown LLP acted as counsel to Envestnet. Squire Sanders (US) LLP acted as legal counsel to Broadridge and Fairfield & Woods P.C. acted as counsel to the management shareholders of Prima.

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