Simplicity Group Holdings has entered into an agreement with Lee Equity Partners pursuant to which Lee Equity will become the new majority owner of the company.

Previously, Aquiline Capital Partners owned the majority stake in Simplicity.

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Additional terms of the transaction, which is expected to close by the end of the year, were not disclosed. The transaction is subject to regulatory approvals.

Simplicity president and CEO Bruce Donaldson said: “We are excited for Lee Equity to join the Simplicity Group as we look to accelerate the pace of our growth after four straight years of expansion, which we enjoyed with Aquiline’s support.

“In the short period since our inception, Simplicity has led a transformation of the retirement-planning industry, with a commitment to client education and consumer value. Our new partnership with Lee Equity will allow us to accelerate our growth, while maintaining the distinguishing hallmark of our business: a true, collaborative partnership culture that attracts industry-leading professionals.”

Lee Equity partner Mark Gormley added: “Bruce and the broader Simplicity team have done an incredible job of growing the business into a clear market leader in a short four-year period. We believe that Lee Equity can help Simplicity drive the next phase of its growth and continue to recruit industry-leading Principals to the partnership.”

Simplicity offers retirement solutions including annuity, life insurance, and investments to independent financial advisors, insurance professionals and their clients through its operating subsidiaries.

The company currently owns 15 insurance distribution businesses and is considered one of prominent players in the financial product distribution market.

Commenting on the development, Aquiline chairman and CEO Jeff Greenberg said: “We are proud to have partnered with Simplicity as it successfully built a diversified financial products distribution business and became a preferred partner for independent agents, advisors, and distribution company owners.”

Waller Helms Advisors served as exclusive financial advisor to Simplicity. Sirote & Permutt, together with Willkie, Farr & Gallagher served as the company’s counsel.

Oliver Wyman was strategic advisor to Lee Equity while Weil, Gotshal & Manges, served as legal advisor.