CORRECTED-Wealth management firm HighTower Advisors' owner seeks to cash out -sources [Reuters]
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Source: Reuters
Wealth management firm HighTower Advisors' owner seeks to cash out: sources (Reuters) - The private equity owner of HighTower Advisors is exploring ways to cash out of the largest registered investment adviser in the United States, including through a potential sale of the company, people familiar with the matter said on Friday. Thomas H. Lee Partners is consulting with advisers about a partial or full divestment of its majority stake in HighTower, which would value the entire company at more than $2 billion, including debt, the sources said. The deliberations are at an early stage, and the buyout firm could choose to retain its full holding in the business, which it bought in 2017 from a group of investors for an undisclosed amount, the sources added. HighTower, which was established in 2008, generates about $100 million in 12-month earnings before interest, tax, depreciation and amortization (EBITDA), according to five of the sources. The sources spoke on condition of anonymity beca
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