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August 28, 2019

Bluespring Wealth Partners buys Believeland in second RIA deal

Kestra Financial-backed Bluespring Wealth Partners has snapped up Believeland, an wealth management business affiliated with oXYGen Financial.

The transaction value was not revealed.

Believeland manages $400m in assets and is headed by Brandon Hayes and Ted Jenkin.

The latest deal is said to be one of Bluespring’s “prototype acquisitions” to start the G2 programme, which will train advisory firm owners to run a wealth management business.

Hayes noted: “The extensive back-office resources at Bluespring Wealth and Kestra Financial, along with the power of Warburg Pincus, will make this partnership a tremendous springboard for accelerating our growth and expanding our ability to serve clients.”

Bluespring is an RIA aggregator launched last month. It aims to offer flexible ownership arrangements to the acquired firms and seeks to maximise the value of their buyout by identifying growth opportunities and potential cost savings.

Besides, Bluespring will support successor training for the acquired firms as well as offer capital to enable the firms to make sub-acquisitions.

The latest deal is Bluespring’s second deal in the span of a few days.

Last week, the firm purchased Hickory Asset Management, marking its first RIA deal since inception.

Bluespring president Stuart Silverman said: “We’re confident our partnership with Believeland will set the stage for many future successful acquisitions.

“We are delighted to work more closely with an independent team under the oXYGen Financial brand and to ultimately build an effective succession plan that will establish a meaningful legacy for the firm’s founders in the years to come.”

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