Mergers & Acquisitions

Summit Financial Acquires Minority Stake In Gordon Asset Management

By Amit Chowdhry ● Dec 23, 2024

Summit Financial, an advisory firm with over 40 years of experience providing multi-family office services that empower financial advisors to accelerate growth, announced that Gordon Asset Management has joined its network. Summit’s innovative partnership model Summit Growth Partners (SGP) has strategically invested in Gordon, marking its 18th strategic investment this year. Gordon will now have access to Summit's expansive network and comprehensive resources, including a wide range of investment strategies and alternative opportunities.

Waverly Advisors Buying Planning Capital Management, Increasing AUM To About $15.9 Billion

By Amit Chowdhry ● Dec 23, 2024

Waverly Advisors, a federally registered investment adviser (RIA) specializing 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 Planning Capital Management, an investment advisory firm based in Paoli, Pennsylvania. This partnership establishes Waverly’s presence in the greater Philadelphia area.

Savant Acquires $536 Million RIA Source Financial Advisors

By Amit Chowdhry ● Dec 23, 2024

Savant Wealth Management, a fee-only registered investment adviser (RIA), announced the acquisition of woman-owned Source Financial Advisors - a New York, NY-based boutique RIA with $536 million in assets under management. Savant did not disclose the terms of the deal.

Merit Acquires Roth Asset Management, Increasing Assets By $773 Million

By Amit Chowdhry ● Dec 23, 2024

Merit Financial Advisors - a Georgia-based financial advisory firm specializing in financial planning and wealth management solutions for high-net-worth individuals, families, and those navigating life transitions - announced it had acquired Roth Asset Management. This deal will expand Merit's presence in the Pacific Northwest and increase assets by $773 million.

Nordstrom Being Taken Private In $6.25 Billion Deal

By Amit Chowdhry ● Dec 23, 2024

Nordstrom announced it has signed a definitive agreement under which Erik, Pete, Jamie Nordstrom and other members of the Nordstrom family and El Puerto de Liverpool will acquire all of the outstanding common shares of Nordstrom not already beneficially owned by the Nordstrom Family and Liverpool in an all-cash transaction valued at about $6.25 billion on an enterprise basis. Following the closing of the deal, the Nordstrom Family will have a majority ownership stake in the company.

Xerox To Buy Lexmark In $1.5 Billion Deal

By Amit Chowdhry ● Dec 23, 2024

Xerox has agreed to acquire Kentucky-based Lexmark International from Ninestar Corporation, PAG Asia Capital, and Shanghai Shouda Investment Centre in a deal valued at $1.5 billion, including assumed liabilities. Xerox expects to finance the acquisition with cash and committed debt financing.

LPL Brings In $540 Prestige Wealth Group Team

By Amit Chowdhry ● Dec 22, 2024

LPL Financial announced that the Prestige Wealth Group (PWG) advisors, led by managing partners Rich Galgano, CFP, and Matt Geraci, CFP, have joined LPL Financial’s broker-dealer, RIA, and custodial platforms. They reported serving about $540 million in advisory, brokerage, and retirement plan assets and joined LPL from Osaic.

Apella Wealth Brings In $144 Million RIA Young Wealth Management Team

By Amit Chowdhry ● Dec 21, 2024

Apella Wealth, a financial advisory and wealth management firm serving individuals, families, and businesses, announced that Young Wealth Management, a registered investment adviser (RIA), has joined the firm. This is Apella’s fourth acquisition this year and expands its presence in Davis, California, adding to its regional financial planning and investment management capabilities. Led by Founder and Principal Kevin M. Young, MBA, EA, CFP, Young Wealth Management provides financial planning and wealth management services to individuals and families.

LPL Onboards $300 Million Advisor Jeffrey Grange

By Amit Chowdhry ● Dec 20, 2024

LPL Financial announced that financial advisor Jeffrey Grange, CWS has joined LPL’s employee advisor channel, Linsco by LPL Financial, to launch Grange Wealth Management of LPL Financial. He reported serving about $300 million in advisory, brokerage, and retirement plan assets. And he joined LPL from D.A. Davidson & Co. He will be operating from a new Linsco office in Santa Barbara, California.

Corient To Buy $7.9 Billion RIA H.M. Payson

By Amit Chowdhry ● Dec 20, 2024

Corient - which is one of the nation’s largest and fastest-growing national wealth advisors - announced it has agreed to acquire H.M. Payson & Co. (HMP), Maine’s largest registered investment advisory firm with $7.9 billion in assets under management. And HMP also serves as a Maine chartered trust company, managing approximately $1.2 billion in trust assets.

FedEx To Spin Off Freight Business

By Amit Chowdhry ● Dec 20, 2024

FedEx announced that its Board of Directors has concluded a comprehensive assessment of the role of FedEx Freight as part of its portfolio and has decided to pursue a complete separation of FedEx Freight through the capital markets, creating a new publicly traded company. The separation is expected to be tax-efficient for FedEx stockholders and will be executed within the next 18 months.

AppDirect Buying IT Asset Management Platform Company Firstbase

By Amit Chowdhry ● Dec 19, 2024

Leading B2B commerce platform AppDirect announced it has acquired Firstbase, an IT asset management platform that supports customers globally in procuring and managing the equipment deployed within their organizations. Through this acquisition, Firstbase's platform functionality will integrate into AppDirect's platform, providing AppDirect’s advisor community with a single destination for their end customers to manage their telecom, software, and IT assets.

Marcy Venture Partners Merges With Investment Arm Of Pendulum Holdings

By Amit Chowdhry ● Dec 18, 2024

Marcy Venture Partners, a venture capital firm founded by rapper and entrepreneur Jay-Z, merged with Black-owned Pendulum Opportunities (the investment arm of Pendulum Holdings). The combined company will be called MarcyPen Capital Partners, with a reported $900 million AUM.

Buildforce Acquires Ladder To Grow Its Construction Hiring Platform

By Amit Chowdhry ● Dec 18, 2024

Buildforce - a leading platform connecting skilled electricians with qualified electrical contractors - announced it has acquired Ladder, a Y Combinator-backed construction labor marketplace led by Atlanta-based Founder and CEO Alex Stewart, who will continue in a leadership role responsible for growing the presence of the company in the U.S. Southeast region.

Perigon Wealth Management Onboards $170 Million Harrigan Group Team

By Amit Chowdhry ● Dec 18, 2024

Perigon Wealth Management - a rapidly growing independent wealth management firm with offices across the country and about $8.2 billion in client assets as of June 30, 2024 - announced it expanded its Florida network with the addition of the Harrigan Group. And Robert Harrigan and his son Evan Harrigan have joined Perigon’s Boca Raton, Florida, office from UBS, where they oversaw $170 million in total client assets.

AbbVie Buying Nimble Therapeutics In $200 Million Deal

By Amit Chowdhry ● Dec 17, 2024

AbbVie and Nimble Therapeutics announced a definitive agreement under which AbbVie will acquire Nimble, including its lead asset, an investigational oral peptide IL23R inhibitor in preclinical development for the treatment of psoriasis and a pipeline of other novel oral peptide candidates with potential across several autoimmune diseases. Additionally, AbbVie will acquire Nimble's peptide synthesis, screening, and optimization platform, which uses proprietary technology to help drive rapid discovery and optimization of peptide candidates for various targets.

Arctic Wolf Buying Cylance’s Assets From BlackBerry For $160 Million

By Amit Chowdhry ● Dec 17, 2024

Arctic Wolf and BlackBerry announced they have entered into a definitive agreement for Arctic Wolf to buy BlackBerry’s Cylance endpoint security assets. Cylance is a pioneer of AI-based endpoint protection trusted by thousands of organizations worldwide. Through this acquisition, Arctic Wolf ushers in a new era of simplicity, flexibility, and outcomes to the endpoint security market.

Constellation Wealth: Inaugural Fund Closed With Over $1 Billion In Capital Commitments

By Amit Chowdhry ● Dec 17, 2024

Constellation Wealth Capital (CWC) - an alternative asset manager dedicated to providing capital solutions to the wealth management sector - announced the successful final closing of its inaugural fund, Constellation Wealth Capital Fund.

Raymond James Brings In $5 Billion Utah-Based Advisor Duo Team

By Amit Chowdhry ● Dec 17, 2024

Raymond James announced it has welcomed financial advisors Scott Burnett and Peter Kelson to Raymond James Advisor Select within Raymond James & Associates (RJA) – which is the firm's employee advisor channel – in Cottonwood Heights, Utah. This was revealed by John Simmons, West Coast regional director for RJA.