On October 20, 2025, Winnipeg-based independent wealth manager Wellington-Altus Financial Inc. agreed to sell a 25 percent minority stake to U.S. private equity firm Kelso & Company for about C$400 million. The secondary share sale, announced Monday and completed on January 12, 2026, allowed existing shareholders to sell a portion of their holdings while preserving Canadian majority ownership. The deal values Wellington-Altus at $1.5 billion (about C$2.06 billion).

Wellington-Altus has 131 adviser teams overseeing $43 billion in assets and has completed four equity financing rounds, including earlier backing from Cynosure Group and Jessiman Family Investments Inc. Unlike prior raises, this transaction did not inject new capital into the firm; proceeds went to selling shareholders. Advisers and employees remain the largest shareholder group.

Ardea Partners LP acted as exclusive financial adviser to Wellington-Altus. Osler, Hoskin & Harcourt LLP served as legal counsel, with a team including Alex Gorka, Diana Windrim, Emery White, and Min Oh (corporate); John Black and Arielle Kaplan (regulatory); Dov Begun and Emily Gilmour (tax); and Lynne Lacoursiere and Nick Guadagnolo (executive compensation).

Goldman Sachs & Co. LLC advised Kelso & Company, while Debevoise & Plimpton LLP acted as Kelso’s legal counsel.