Genstar Capital, a San Francisco-based middle market private equity firm, has inked a definitive agreement to partner with management in buying majority interest in Mercer Advisors from private equity firm Lovell Minnick Partners.
At present, Mercer Advisors is a portfolio company of Lovell Minnick Partners.
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Mercer Advisors offers wealth management solutions such as financial planning, investment management, tax management, retirement income and benefits planning, and estate planning. It primarily serves mass-affluent and HNW clients.
Mercer Advisors president and CEO David Barton said, "This acquisition benefits our clients and employees, as well as the long-term strategy of our firm and provides for continuing a renewed private equity partnership first established with Lovell Minnick.
"Genstar has a long history of supporting its portfolio companies and shares our belief in a client-centric culture and holistic service model. Genstar’s capital investment will allow us to further invest in growth, both organically and through acquisitions, and elevate the value proposition we offer our current and future clients."
The deal is scheduled to close by the second quarter of this year.
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By GlobalDataGenstar managing director Anthony Salewski commented, "Genstar has followed Mercer Advisors for a number of years, and this investment demonstrates our continued commitment to investing in targeted growth segments within the financial services industry. Mercer has delivered consistent growth over the past several years, and we look forward to partnering with Dave and his management team to accelerate that trajectory."
