Cary Street Partners Financial (CSP) and CIVC Partners (CIVC) announced a strategic partnership based on a significant investment by CIVC. This recapitalization provides additional capital to fuel organic expansion and strategic acquisitions, positioning Cary Street Partners for the next growth phase.
CSP insiders have also committed to reinvesting most of their current ownership while naming new partners in the firm.
The deal has received full support from Cary Street Partners’ Board of Directors and is expected to close following regulatory approvals. And the partnership enhances Cary Street Partners’ access to institutional capital, further enhancing its position as a leading independent wealth management firm while accelerating its M&A and financial advisor recruitment initiatives.
CSP has pursued the dual path of recruiting hybrid teams from national wirehouse and bank channels while executing a parallel independent RIA acquisition process. And this open-architecture approach has created a flexible operating platform that supports multiple custodians and diverse advisor and client service models.
With about half the firm owned by insiders when the transaction is finalized, it was important for CSP to identify an institutional capital partner who properly valued the opportunity to invest in an existing process and team.
Advisors: Williams Mullen and Reed Smith served as legal counsel to Cary Street Partners and Ropes & Gray served as counsel to CIVC Partners on the transaction. Dalphia Partners acted as the exclusive financial advisor to Cary Street Partners and Sherman & Company acted as financial advisor to CIVC Partners.
KEY QUOTES:
“We wanted to find a partner who demonstrated a track record of success with a culture that empowered management and those directly driving value. While we ran a comprehensive process over time, it was abundantly clear to us that CIVC’s approach is perfectly aligned with this goal.”
- Joseph R. Schmuckler, Cary Street Partners CEO
“Cary Street Partners stood out as a premier platform in the wealth management space with a proven model and a leadership team poised to execute on significant future growth. They have a strong track record of success and an established operating infrastructure, which will allow us to support and further accelerate their expansion.”
- Marc McManus, Partner at CIVC
