Warburg Pincus to Exit The Mutual Fund Store in $560M Deal
November 09, 2015
Warburg Pincus has entered an agreement to sell The Mutual Fund Store to Financial Engines (NASDAQ: FNGN) in a deal worth approximately $560 million, including cash and stock. The transaction is expected to close in 1Q 2016. Upon closing, Warburg Pincus is expected to become Financial Engines’ largest stockholder with about 12.5% beneficial ownership. The Mutual Fund Store is a Registered Investment Adviser that provides personalized financial planning and fiduciary advice across the U.S. As of October 31, the company has about 345 employees and roughly 84,000 accounts. Warburg Pincus has backed The Mutual Fund Store since 2011.