TPG Capital and Madison Dearborn Partners, two private equity firms, are the final two bidders for National Financial Partners, a New York-based wealth management company that could fetch $1 billion, according to Reuters.
NFP had a market value of nearly $900 million and a share price of $22.25 as of Wednesday after hitting a low of $1.21 per share in 2008. The terms of the bidding are not being made public.
The wealth management company is run by Jessica Bibliowicz, the daughter of former Citigroup chief Sandy Weill. It had been reported she would step down as CEO in March, but the date was pushed back to May. She relinquished her post as president of the company a year ago.
NFP announced in March it was exploring a sale following indications of interest from private equity firms, Reuters said.
In February, the firm reported fourth-quarter net income of $19.4 million, or 45 cents per share, an increase from $11.2 million, or 27 cents per share, from the fourth quarter of 2011.
Total revenue for the fourth quarter grew 3.8 percent to $300.1 million from $289.2 million in the prior year’s quarter, beating analysts’ estimates.