Savant Wealth Management has received a strategic minority investment from North American-focused middle-market private investment firm Kelso & Company.
Financial terms of the deal have not been shared.
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Based in Illinois, Savant is a fee-only registered investment adviser (RIA) with nearly $12bn in assets under management (AuM).
The firm offers investment management, financial planning, retirement planning, and family office services to financially established individuals and institutions.
The partnership with Kelso will provide Savant with additional growth capital and capabilities that are required to ramp up its acquisition and organic growth strategies.
Kelso will also offer the firm access to additional resources in technology, marketing, human capital, and mergers and acquisitions (M&A).
Savant CEO and founder Brent Brodeski said: “Kelso’s history, culture and embrace of employee-owned, founder-led firms made it an excellent fit to propel our growth – thoughtful growth that will broaden our impact, support our employee-owners and further enhance the outstanding value and service we deliver to clients.”
Under the agreement, Savant’s current management team will remain in place with Brodeski retaining full control of the company and the board.
Kelso partners Chris Collins and Steve Dutton will join Savant directors board as part of the investment.
Commenting on the deal, Collins said: “We believe Savant is highly differentiated in its markets with a unique value proposition, and it is well-positioned to continue to expand its comprehensive platform of integrated service offerings, serve as a trusted partner to clients and advisors, and accelerate its already impressive growth trajectory.”
In addition to the Kelso partnership, Savant secured an expanded credit facility from Truist Bank to support its M&A/partnership strategy.
