The Boston private equity firm TA Associates has bought a majority stake of NorthStar Financial Services Group LLC, which oversees assets worth $275 billion.
TA didn’t disclose the terms of the deal in its Monday announcement, but said two of its employees would be joining NorthStar’s board of directors. NorthStar’s nine business units manage investors’ portfolios and provide back-office, printing, and marketing services.
In a statement, executives at the Omaha-based financial services company said they’d opted to be acquired by TA because of a desire to remain private and because of the Boston company’s expertise with exchange-traded funds. NorthStar’s management will remain in place.
Unlike many private-equity firms that try to turn around struggling companies and make them profitable, TA Associates typically invests in companies that are in good financial shape. The company has raised $18 billion in capital.
Jack Newsham can be reached at jack.newsham@globe.com. Follow him on Twitter @TheNewsHam.