Waverly Advisors Acquires River Capital Advisors
23 Julio 2024 - 8:04AM
Business Wire
This is Waverly’s fifth location in Florida
Waverly Advisors, LLC (“Waverly”), a federally registered
investment adviser (“RIA”) that specializes in investment
management, financial planning and wealth management solutions for
a diverse group of high-net-worth individuals, corporate retirement
plans and institutional clients, has acquired River Capital
Advisors, L.C. (“River Capital”), an investment advisory business
based in Jacksonville, Florida.
River Capital was founded in 1998 as a subsidiary of Smoak,
Davis & Nixon, LLP, one of the Southeast’s oldest and most
respected CPA firms. Located in Florida’s largest city, the River
Capital team, led by Robert Simon, brings significant growth
potential to Waverly.
“Rob and his team are a dynamic group, hungry to grow and
dedicated to their clients’ financial well-being,” said Justin
Russell, President of Waverly. “We are thrilled to welcome them to
the Waverly family.”
“River Capital was established out of the desire to help clients
with all aspects of their financial lives,” said Robert Simon,
President of River Capital. “Joining Waverly means we are now able
to utilize a stronger infrastructure and provide even greater
resources to our clients.”
The acquisition of River Capital marks Waverly’s 15th
transaction since accepting an equity investment in December 2021
from Wealth Partners Capital Group (“WPCG”) and HGGC’s Aspire
Holdings platform. The transaction closed on July 19, 2024, and
increases Waverly’s AUM to approximately $12.5 billion.
“Waverly continues to enter new and thriving markets across the
U.S.,” said Mac Selverian, WPCG Principal. “Partnering with
like-minded RIAs that share Waverly’s cultural values adds to the
success of the firm’s M&A strategy.”
Financial and legal terms of the deal will not be disclosed.
About Waverly
Waverly Advisors, LLC (“Waverly”) is a fee-only federally
registered investment adviser that serves the investment management
and wealth planning needs of a diverse group of clients, including
high-net-worth individuals and families, corporate retirement
plans, trusts, endowments, and institutions. Waverly manages
approximately $12.5 billion in assets (as of 07.19.2024) and offers
collaborative investment, tax, estate, and financial planning
services. Founded in 1999 in Birmingham, Alabama, the company has
21 offices across the U.S. and a team of over 170 professionals who
hold many of the industry’s most prestigious credentials. For more
information, please visit www.waverly-advisors.com.
About Wealth Partners Capital Group
Wealth Partners Capital Group (“WPCG”) is a financial services
holding company, which invests in and partners with select leading
wealth management firms. WPCG assists its partner firms by
identifying and integrating like-minded wealth advisers who seek
access to expanded business capabilities, strategic growth and/or
customized transition solutions. For more information, please visit
www.wealthpcg.com.
About HGGC
HGGC is a values-driven, partnership-focused private investment
firm. The firm’s ecosystem of investors, operators, and
professionals are united by the shared mission to develop leading
enterprises and build long term value together. HGGC invests in
technology, business services, financial services and consumer
enterprises generally valued between $200M - $1.5B+. The firm is
based in Palo Alto, CA and manages over $6.9 billion in cumulative
capital commitments. Since its inception in 2007, HGGC has
completed more than 600 platform investments, add-on acquisitions,
recapitalizations, and liquidity events with an aggregate
transaction value of over $71 billion. HGGC makes investments in
RIAs via its Aspire Holdings platform, which is targeting $300
million of total investment in the space. More information,
including a complete list of current and former investments, please
visit www.hggc.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240723932576/en/
Robyn Schubart for Waverly Advisors Marketing Manager Email:
robyn.schubart@waverly-advisors.com Website:
www.waverly-advisors.com