Warburg Pincus LLC, a New York City-based private equity firm, has bought a majority stake in The Mutual Fund Store, company officials announced on Friday.

The companies declined to provide financial details of the deal.

The Mutual Fund Stores, a national registered investment advisor, operates 70 plus offices that provide clients with recommendations on a mix of mutual funds. The firm's founder and CEO, Adam Bold, also talks about investing in a weekly radio show.

Warburg Pincus, founded in 1966, has more than $30 billion in assets under management with an active portfolio of more than 125 companies.

Bold, 47, said Warburg Pincus will provide financial backing, connections and expertise for what he expects will be another period of growth for The Mutual Fund Store. Since 2006, The Mutual Fund Store has gone from $1.2 billion to $6.5 billion in assets under management.

"As we have grown in national prominence and in scope, we want to keep growing," Bold said. "We want to keep growing and that is going to take more financial as well as business resources."

"Warburg Pincus is five times the size of Summit,'' said Bold. "We think that there are just even more opportunities in that light."       

Under terms of the deal, Bold, who say he still owns a sizable chunk of equity in The Mutual Fund Store, will, along with his management team, continue to run the company. 

The company had been majority owned by Bold, who is also its chief investment officer. Bold said he still has a significant minority stake in the firm. In June, Bold publicly denied reports that the company was for sale.

Warburg Pincus is also expected to gain seats on the company's board of directors.

As part of the deal, Warburg Pincus also acquired a minority stake in Summit Partners, an investment group that had invested in the Mutual Fund store in 2006.

Jim McConville