Parthenon Capital Partners and Wells Fargo & Company Announce Agreement for Parthenon to Purchase H.D. Vest Financial Services

Parthenon Capital Partners and Wells Fargo & Company WFC have entered into a definitive agreement for Parthenon Capital Partners to acquire Wells Fargo's H.D. Vest Financial Services business. Following the transaction, H.D. Vest's existing management team, led by Roger Ochs, will continue to operate the business. Founded in 1983 and based in Irving, TX, H.D. Vest provides independent financial solutions to over 1.8 million retail investors through an advisor base of over 4,800 securities-licensed tax professionals. H.D. Vest's Chief Executive Officer, Roger Ochs, stated: “We are excited to partner with Parthenon Capital Partners to complete the purchase of H.D. Vest from Wells Fargo. As a standalone entity under this new ownership structure, H.D. Vest will benefit from Parthenon's expertise within the financial services industry as well as Parthenon's significant financial and strategic resources. Both the management team and Parthenon are committed to investing in the future growth of H.D. Vest and have high expectations for the company's potential. The executive leadership team of H.D. Vest, Wells Fargo, and Parthenon are each committed to ensuring a smooth and seamless transition for our advisors and our clients. There will be no changes to the H.D. Vest leadership team or home office staffing levels as a result of this transaction. Additionally, our advisors will continue to have access to the same products, services, and tools to offer clients as they do today. Wells Fargo's clearing business, First Clearing Correspondent Services, will continue to provide brokerage clearing services for H.D. Vest. We are excited to have Parthenon as our strategic partner and look forward to working together to achieve our goals.”