Georgia-based financial advisory firm Merit Financial Advisors has acquired Biltmore Capital Advisors and its affiliated firm Stone Creek Capital Management.
The acquisitions, whose financial details were not disclosed, were finalised on 31 December 2021.
Biltmore is an independent registered investment adviser (RIA) specialising in wealth and investment management and financial planning services. Its clientele includes affluent individuals, families, executives, and business owners.
Stone Creek focuses on providing services to those seeking margin lending, portfolio reporting, research, and other consulting services.
The deal expands Merit’s presence in South Florida and New Jersey and adds $557m in assets along with consulting services on an additional $1.6bn in assets.
Under the agreement, Stone Creek will remain as an individual business line within the Merit family of companies.
Tyler Vernon and Timothy Ralph, who leads Biltmore and Stone Creek, will take up new roles at Merit.
Vernon will assume the role of regional director at Merit, while Ralph will become managing partner. They will be joined by their entire team.
Commenting on the deal, Merit president Kay Mayhue said: “The partnership with Tyler, Tim, and the Biltmore and Stone Creek teams exemplifies this. Having known Tyler for over 20 years, I have watched him build an incredible business and team.
“This merger is bringing a tremendous amount of talent and an entirely new business line to Merit, and we are extremely excited to welcome the Biltmore and Stone Creek teams to the firm.”
The deal marks Merit’s third partnership after receiving a financial boost from Wealth Partners Capital Group (WPCG) and a group of strategic investors led by HGGC.
In August this year, the firm took over Consilium Financial Group in a bid to expand its financial planning capabilities.