Private equity firm Warburg Pincus has acquired a majority stake in The Mutual Fund Store as well as a minority stake in Summit Partners, which invested in The Mutual Fund Store in 2006.

Adam Bold, founder, chief executive officer and chief investment officer of The Mutual Fund Store, will continue to run the company. However, it is expected that Warburg Pincus will gain seats on the board of directors.

Terms of the transaction were not disclosed.

“We started The Mutual Fund Store more than 15 years ago to provide fee-only, independent investment advice to hardworking Americans who have been largely ignored by the traditional financial services industry,” Bold said. “We are very excited to partner with Warburg Pincus. This gives us the opportunity to grow and provide more hardworking Americans the level of service and expertise our clients have come to expect.”

Michael Martin, managing director and co-head of Warburg Pincus’ financial services group, added: “We believe there is a tremendous opportunity to build on The Mutual Fund Store’s success in providing sound investment advice to the mass affluent market.”

Morgan Stanley served as financial adviser and Bryan Cave served as legal adviser to The Mutual Fund Store. For Warburg Pincus, Wachtell Lipton Rosen & Katz and WIlkie Farr &Gallagher served as legal advisers, and Ernst & Young provided accounting diligence support.

 Founded in 1996, The Mutual Fund Store has 70 regional stores across the U.S. and provides independent, fee-only ivnestment advice.