Abry Partners is exiting its investment in Prime Capital Financial as Carlyle agrees to acquire a minority ownership position in the independent wealth management company.
Financial terms were not disclosed. The transaction is expected to close in mid-September, subject to customary regulatory approvals.
Abry invested in Prime Capital Financial in 2023 and subsequently worked with management to expand the firm through organic growth, acquisitions, and advisor recruiting.
Prime Capital Financial now operates 68 offices and manages nearly $50 billion in assets.
During Abry’s investment period, the company also expanded its capabilities in areas including family office services and tax planning while investing in operational infrastructure and leadership.
Today, Prime Capital offers financial planning, investment management, tax advisory and compliance, trust and estate planning, insurance, alternative investments, family office services, and institutional retirement advisory.
Its model includes approximately 180 advisor-owners, and the company remains majority employee-owned.
Carlyle’s minority investment is intended to provide additional resources for the next phase of Prime Capital’s growth while preserving its advisor-led structure.
William Blair, Goldman Sachs, Kirkland & Ellis, Spencer Fane, and KPMG are advising Abry and Prime Capital Financial.
KEY QUOTES:
“Prime Capital Financial stood out from the beginning because of the quality of its leadership and differentiated strategy. Throughout our partnership, Glenn and the team executed exceptionally well, expanding the platform through strategic acquisitions, advisor recruiting, and continued investment in people and capabilities.”
Vidur Khatri, Abry Partners
“From the beginning, Abry understood what made Prime Capital Financial different. They shared our long-term vision, believed in our advisor-led culture, and consistently invested behind our people, capabilities, and growth strategy.”
Glenn Spencer, CEO of Prime Capital Financial
