After a short search, Minneapolis-based Wealth Enhancement Group has a new owner.

The independent advisory firm, which oversees about $11.8 billion in advisory and brokerage assets, announced on Wednesday that a majority equity stake previously owned by Lightyear Capital was acquired by funds associated with global private equity firm TA Associates.

Wealth Enhancement Group expects the acquisition to close in the fourth quarter. Financial terms of the transaction were not disclosed.

“At the end of the day, the success of any private equity acquisition of a firm like ours will be driven by shared cultural values, strategic vision and commitment to invest in a growth plan that works,” said Jeff Dekko, Wealth Enhancement Group CEO, in comments e-mailed to Financial Advisor. “Our transaction with TA Associates checks every one of these boxes, and our relationship is built on several years of mutual familiarity between our leadership teams. We’re thrilled to move forward with TA Associates as our new capital partners, while keeping everything else that has made Wealth Enhancement Group successful in place.”

Lightyear Capital had owned its majority stake in Wealth Enhancement Group since June 2015. Since that time, the advisory firm made 10 acquisitions and increased its assets by 150% while also investing in and updating its operating platform. Earlier this month, it was reported that Lightyear had enlisted Raymond James as an advisor on a potential sale of the firm, but Wealth Enhancement Group would not confirm the news to Financial Advisor at that time.

Under the terms of the acquisition, Wealth Enhancement Group will continue as a privately held and independent firm and retain its current leadership, brand and strategy.

Wealth Enhancement Group said that the acquisition will help accelerate its plans for growth and allow it to establish itself as a “leading” national wealth management and financial planning brand—plans that appealed to TA Associates’ leadership.

“We believe that Wealth Enhancement Group is very well-positioned to continue to drive the trend toward making objective, independent financial advice more broadly available to mass affluent and affluent investors across the country,” said M. Roy Burns, managing director at TA Associates, in released comments. “Having closely collaborated with the management teams of companies across the financial services sector to help them reach their growth and value creation goals, we see a unique opportunity to align our resources with Wealth Enhancement Group to capture more of the national wealth management marketplace.”