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Audax buys into Canadian wealth manager HarbourFront at C$425m valuation

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Audax Private Equity has invested in Canadian wealth management and financial planning advisor HarbourFront to value the business at C$425m.

The company, which was launched in 2013, runs a network of 23 branches across Canada. It includes a registered securities dealer/investment advisory firm servicing established advisors and their high net worth clients, an investment fund manager that specializes in managing sub-advised alternative investment funds, and a US SEC registered investment advisory firm.

Audax managing director Bill Allen said, “The Company has earned its reputation as one of the leading independent advisory firms in Canada for both advisors and clients alike by combining a best-in-class team with the highest quality service level and product offering.

“Harbourfront is the ideal platform for Audax to support as the company executes on its aggressive growth plans in Canada.”

Audax closed its sixth flagship fund on $3.5bn in September 2018. The firm has raised more than $30bn across its private equity and debt business arms since it was founded in 1999.

The firm kicked off 2021 by hitting a $1.7bn final close for GP-led secondary fund to buy up assets from its 2012-vintage Fund IV.

It followed that in May with a $1.85bn final close for Mezzanine Fund V, beating its $1.5bn target.

Earlier this year the firm sold lubricant maker RelaDyne to American Industrial Partners.

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