Oak Hill Capital has agreed to purchase an undisclosed stake in Mercer Global Advisors, a Colorado-based RIA aggregator, for an undisclosed sum.

The sellers were private equity firms Genstar Capital and Lovell Minnick Partners.

The divestiture is part of Mercer Advisors’ recapitalisation strategy.

Mercer Advisors, which manages over $16.5bn in assets, intends to invest the proceeds to expand its client offering and support its pipeline of acquisitions.

Genstar will continue to be an investor and strategic partner in Mercer Advisors.

Mercer Advisors CEO Dave Welling said: “Mercer Advisors’ vision centres on our unconditional commitment to our clients and working collaboratively with them to create the best context possible for their Economic Freedom.

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“With the support of our private equity partners we have been able to make significant investments in building a comprehensive set of services for our clients and in expanding that vision to new parts of the country.”

Oak Hill partner Steve Puccinelli said: “Mercer Advisors is a unique integrated registered investment adviser with multiple levers to compound value and is well-positioned to further accelerate its already impressive growth.”

Mercer Advisors serves HNWIs through 44 branches. It offers financial planning, estate and tax planning as well as family office services, among others.

The business has acquired 23 firms over the last three and half years. It also launched a “Central Hub” headquarters in Denver last year to accommodate various functions.