Abry Partners said it is exiting its investment in Prime Capital Financial, with Carlyle Group agreeing to acquire a minority ownership interest in the independent wealth management firm.
Financial terms were not disclosed.
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Abry, the Boston-based private equity firm, invested in Prime Capital Financial in 2023.
It said it worked with management on a growth strategy and on building a national wealth management platform operating across 68 offices with nearly $50bn in assets under management.
Abry also said it partnered with management to strengthen the leadership team, expand capabilities in areas such as family office and tax planning, and invest in operational infrastructure.
Prime Capital Financial provides financial planning, investment management, tax advisory and compliance, trust and estate planning, insurance solutions, family office services, alternative investments, and institutional retirement advisory services.
It operates through an adviser-led model with about 180 adviser-owners.
The transaction is expected to close in mid-September, subject to customary regulatory approvals.
Vidur Khatri of Abry Partners said: “Prime Capital Financial stood out from the beginning because of the quality of its leadership and differentiated strategy.
“Throughout our partnership, Glenn and the team executed exceptionally well, expanding the platform through strategic acquisitions, advisor recruiting, and continued investment in people and capabilities. We are incredibly proud of what we accomplished together and confident the Company is primed for continued success.”
Prime Capital Financial CEO Glenn Spencer commented: “From the beginning, Abry understood what made Prime Capital Financial different. They shared our long-term vision, believed in our advisor-led culture, and consistently invested behind our people, capabilities, and growth strategy.
“Their partnership and deep experience in wealth management helped us accelerate our growth while staying true to the values that have defined Prime Capital Financial from day one.”
