US RIA aggregator Waverly Advisors has further expanded its domestic footprint with the purchase of NBW Capital.
The deal adds around $500m in assets to Waverly’s books. Financial details of the deal remain confidential.
NBW, established in 1991, is based in Boston, Massachusetts, and serves high-net-worth clients.
Chris Blakely, who has led NBW, will join Waverly as partner, regional director of Boston, and portfolio manager.
The NBW team will transition to Waverly, with the exception of Ben Niedermeyer, who is retiring following an almost 50-year career in investment management.
Blakely said: “We are thrilled to partner with Waverly and benefit from additional services and investment options.
“These resources, along with Waverly’s extensive expertise and established infrastructure, will enhance our clients’ experience.”
The acquisition is Waverly’s 24th since December 2021, following an equity investment from Wealth Partners Capital Group and HGGC’s Aspire Holdings platform.
Waverly president and CEO Justin Russell said: “Waverly’s M&A initiative has always focused on building a cohesive, integrated firm that delivers a world-class, service-oriented client experience.
“By partnering with NBW, Waverly is able to strengthen its existing equity strategy and offer clients a more sophisticated investment portfolio approach.”
Rick Adler of Red Arrow Capital advised NBW on the transaction.
Waverly Advisors, established in 1999 and headquartered in Birmingham, Alabama, offers fee-only services to a diverse clientele, including high-net-worth individuals and families, corporate retirement plans, trusts, endowments, and institutions.
With 38 offices across the US and over 290 professionals, Waverly offers a range of services including investment, tax, estate, and financial planning.
Last month, Waverly Advisors acquired Baltimore, Maryland-based GGM Wealth Advisor.
