Georgia-based hybrid RIA Merit Financial Group has received an investment from Wealth Partners Capital Group (WPCG) and a group of supporting investors led by HGGC to drive growth.
Financial terms of the transaction were not shared.
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The companies have formed a strategic partnership with the aim of accelerating its ongoing organic growth and acquisition efforts.
In concurrent with the partnership, Merit’s management team has signed long-term employment agreements with the investors.
Led by founder and CEO Rick Kent, Merit offers wealth and investment management services for individuals and families. The company also provides a range of services and business support for its Independent Advisor Partners.
The firm currently has 19 locations across the country and manages over $4.84bn in client assets as of 31 December last year.
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By GlobalDataThis includes $2.97bn assets in advisory and $1.87 bn brokerage assets, as well as $111m additional assets under advisement.
Merit intends to use the new capital to expand its presence and partner with advisers and advisory firms, especially in the independent broker-dealer space.
The WPCG management team, consisting of John Copeland, Rich Gill and Sean Bresnan, will collaborate with Merit to meet its growth objectives.
Speaking on the partnership, Gill said: “With its strong regional brand, broad client offering, and deep management and investment talent, Merit has the potential to be one of the leading strategic RIA acquirers.
“We are excited to align with HGGC to support Merit’s growth plans and expand our focus to a broad subset of advisory firms across the US.”
Merit president Kay Mayhue added: “The partnership with WPCG and HGGC positions us to accelerate our growth trajectory, enhance offerings to our current clients, and provide a home for like-minded advisers while we strengthen our foothold across the United States.”
Recently, Colorado-based RIA aggregator Mercer Global Advisors acquired wealth manager Atlanta Financial Associates (AFA), marking its second Georgia acquisition in a week.
