Houston, Texas-based wealth management company Americana Partners has received an investment from funds managed by private equity house Lovell Minnick Partners (LMP).
Financial details related to the transaction remain undisclosed.
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LMP marks the first outside institutional investor for Americana, which manages over $8.5bn in assets.
The partnership is expected to bolster Americana’s expansion and enhance its wealth advisory and family office services.
Set up in 2019, Americana is a member of the Dynasty Financial Partners network.
The company provides wealth advisory as well as family office services, serving high-net-worth and ultra-high-net-worth clients throughout the US.
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By GlobalDataIt has also recently established a division to meet the needs of Latin American clients.
Americana will continue to operate under the guidance of its current management team, with its leadership team and employees retaining significant ownership of the business.
Americana CEO Jason Fertitta said: “This is an important milestone for our firm, and it underscores our commitment to building the right destination for our clients and financial advisors.
“We chose to work with LMP because of their extensive track record in accelerating growth for successful wealth management organisations, their deep bench of resources to support strategic acquisitions, and their underlying philosophy as partners and investors.”
Piper Sandler was the exclusive financial advisor to Americana for this deal, while Winstead provided legal counsel. Alston & Bird offered legal counsel to LMP.
LMP partner Trevor Rich said: “Our experience investing in wealth management firms over the last quarter century helps us identify exceptional firms and management teams who share similar values and are seeking collaborative partners as they enter the next phase of growth.”
LMP raised over $5bn of committed capital since its launch. It has invested in over 50 platform companies, while carrying out more than 200 add-on acquisitions.
In 2022, LMP announced the acquisition of a majority stake in wealth manager London & Capital, with £4.1bn in assets.
