Mergers & Acquisitions

Easton Energy To Sell Gulf Coast Liquids Pipeline System To ONEOK For About $280 Million

By Amit Chowdhry ● May 21, 2024

Houston-based midstream company Easton Energy recently announced that it has agreed to sell its Gulf Coast Liquids Pipeline System to ONEOK for about $280 million, subject to customary price adjustments. Easton will retain and continue operating its natural gas liquids (NGL) and olefins storage business located in Markham, Texas.

William Blair Expanding Philadelphia Office With Addition Of Fernberger Wealth Management

By Amit Chowdhry ● May 20, 2024

William Blair, a premier global boutique with expertise in investment banking, investment management, and private wealth management, announced the expansion of its Private Wealth Management presence in Philadelphia with the addition of Fernberger Wealth Management. This team is led by managing director, wealth advisor James Fernberger, and includes Alex Fernberger and Zach Fernberger, also joining as managing directors, wealth advisors. The group was most recently with Raymond James where they had $1.2 billion in client assets.

Edelman Financial: $453 Million Soundmark Wealth Management Team Acquired

By Amit Chowdhry ● May 20, 2024

Edelman Financial Engines (EFE), a top independent wealth planning and workplace investment advisory firm, announced the acquisition of Soundmark Wealth Management. Based in Kirkland, Washington, Soundmark is an investment advisory firm managing more than $453 million in assets for over 250 households.

Cardinal Point Merging With GAVIN Hockey Wealth Specialists

By Amit Chowdhry ● May 20, 2024

Cardinal Point Wealth Management, an independent cross-border wealth management firm with offices in the US and Canada, announced that GMG Private Counsel ULC (part of the GAVIN Hockey Wealth Specialists group) will combine with CPWM on or about June 1, 2024 to provide expanded financial planning, wealth management, investment and related services to active and retired professional athletes through CPWM.

Principal Buying ESOP Business From Ascensus

By Amit Chowdhry ● May 20, 2024

Principal Financial Group announced a definitive agreement with Ascensus to acquire its employee stock ownership plan (ESOP) business. At the deal's closing, Principal will add about 800 plans and over 165,000 participants to its workplace savings and retirement solutions business, which ranks as the number one ESOP service provider in the U.S.

Battery Ventures: C$150 Million Acquisition Of TrueContext Completed

By Amit Chowdhry ● May 20, 2024

Battery Ventures announced it has closed its take-private acquisition of field-service workflow company TrueContext (formerly known as ProntoForms). The Canadian software company was delisted from the TSX Venture Exchange yesterday after Battery acquired all of the issued and outstanding common shares for C$1.07 per share, valuing TrueContext at approximately C$150 million.

Iberdrola Buying The Rest Of Avangrid For $2.6 Billion

By Amit Chowdhry ● May 20, 2024

Avangrid, a leading sustainable energy company and member of the group of companies controlled by Iberdrola, S.A., announced that it has entered into a definitive agreement under which Iberdrola will acquire the remaining 18.4% of the issued and outstanding shares of common stock of Avangrid that it does not currently own for $35.75 per share in an all-cash transaction.

Avantax Acquiring $400 Million Wealth Management Firm GA Investment Management

By Amit Chowdhry ● May 20, 2024

Avantax, a tax-focused financial planning and wealth management leader, announced it has acquired GA Investment Management (GA). This Pennsylvania-based wealth management firm was not previously affiliated with Avantax. Since closing the acquisition, $400 million in GA client assets have been onboarded to the Avantax platform, and 10 GA employees are now W-2 employees of Avantax.

Concurrent Brings In $500 Million Advisory Team

By Amit Chowdhry ● May 20, 2024

Multi-custodial hybrid RIA Concurrent Investment Advisors announced it welcomed The Wealth Stewards to its growing network of aligned independent financial advisory firms. Jeff Breese and Brent Mekosh, managing partners of The Wealth Stewards, have merged their two Arizona-based practices to move to the Concurrent platform. And they chose Concurrent to provide operational support and growth capital as their team of nine professionals enters the RIA space.

Raymond James: $900 Million Advisor Team Brought Into Florida

By Amit Chowdhry ● May 20, 2024

Raymond James’ Florida regional director for the firm's employee advisor channel Raymond James & Associates (RJA), Tim Killgoar, announced that they have welcomed the team of four financial advisors and three branch professionals at Lelekis, Ellis, Kilczewski Private Wealth Management Group of Raymond James to RJA in St. Petersburg, Florida.

Fortress Management And Mubadala Complete Fortress Investment Acquisition

By Amit Chowdhry ● May 19, 2024

Fortress Investment Group and Mubadala Investment Company—through its wholly-owned asset management subsidiary Mubadala Capital—announced that they had completed the previously announced acquisition of SoftBank Group's 90.01% equity in Fortress. The terms of the deal were not disclosed.

Johnson & Johnson Buying Proteologix For $850 Million In Cash

By Amit Chowdhry ● May 18, 2024

Johnson & Johnson (NYSE: JNJ) has entered into a definitive agreement to acquire Proteologix, a privately-held biotechnology company focused on bispecific antibodies for immune-mediated diseases, for $850 million in cash, with the potential for an additional milestone payment.

Permira Taking Squarespace Private In $6.9 Billion All-Cash Deal

By Amit Chowdhry ● May 18, 2024

Squarespace, a design-driven platform helping entrepreneurs build brands and businesses online, announced that it has entered into a definitive agreement to go private by global private equity firm Permira in an all-cash transaction valued at approximately $6.9 billion.

DayMark Wealth Partners Brings In $585 Million Hofstetter Baron Group

By Amit Chowdhry ● May 18, 2024

Ohio-based DayMark Wealth Partners announced that veteran financial advisors Thomas Hofstetter and Daniel Baron have joined the firm as the Hofstetter Baron Group of DayMark Wealth Partners. Previously a Wells Fargo Advisors team managing $585 million, Southport, Connecticut-based Hofstetter Baron Group advises high net worth families and individuals.

Wealthspire Advisors Acquiring $420 Million Walden Wealth Partners Team

By Amit Chowdhry ● May 18, 2024

Wealthspire Advisors (an NFP company and independent registered investment advisor firm headquartered in NYC) announced that it has entered an agreement to acquire Walden Wealth Partners (a registered investment advisor firm located in Beachwood, Ohio). And its founders, Karin Maloney Stifler and Sarah Hannibal, each bring decades of experience serving multigenerational clients.

Accenture Investing In Human Biology Predictive Simulation Company Turbine

By Amit Chowdhry ● May 17, 2024

Accenture announced it has made a strategic investment through Accenture Ventures in Turbine, a predictive simulation company building a platform for interpreting human biology. Accenture’s investment will help Turbine extend its platform to global biopharma companies that can benefit from Turbine’s ability to uncover hidden biological insights, which have the potential to guide and accelerate key drug development workstreams.

LPL Brings In $385 Million Advisory Team

By Amit Chowdhry ● May 15, 2024

LPL Financial announced that financial advisor Chris Kitaeff, CPFA, MBA, has joined LPL Financial’s broker-dealer, RIA, and custodial platforms. With this move to LPL, Kitaeff joins Maher Wealth Management as a managing director. He reported serving about $385 million in advisory, brokerage, and retirement plan assets and joined LPL from Merrill Lynch.

Oshkosh To Buy AUSA

By Amit Chowdhry ● May 13, 2024

Oshkosh, a leading provider of purpose-built vehicles and equipment, announced it has entered into a definitive agreement to acquire AUSACORP S.L. (AUSA), which is a privately held international company and manufacturer of wheeled dumpers, rough terrain forklifts and telehandlers for the construction, material handling, agriculture, landscape, and specialty equipment industries. Following the deal’s closing, AUSA will become part of the Oshkosh Access segment.

TPG Rise Climate To Buy Olympus Terminals

By Amit Chowdhry ● May 13, 2024

TPG Rise Climate (a dedicated climate investing strategy of TPG’s global impact investing platform TPG Rise) has signed a deal to buy Olympus Terminals. Olympus Terminals is a leading independent storage provider for renewable fuels and refined products in Southern California. It is majority owned by an affiliated investment fund of Davidson Kempner Capital Management LP and an affiliated investment fund of Intrepid Investment Management.

Special Aerospace Services Buying Space Engineering Company Quintron Systems

By Amit Chowdhry ● May 10, 2024

Godspeed Capital Management LP, a lower middle-market defense and government services, solutions, and technology-focused private equity firm, announced the acquisition of Quintron Systems by SAS, its recently launched space engineering, defense, and communications technology solutions platform.

Reveal Buying AI-Based E-Discovery And Investigations Company Onna

By Amit Chowdhry ● May 10, 2024

Reveal, a global provider of the leading AI-powered eDiscovery, review, and investigations platform, has announced the acquisition of Onna Technologies, a leading provider in helping companies manage unstructured data from cloud-based collaboration tools. Reveal is enhancing the left side of the Electronic Discovery Reference Model (EDRM) and its end-to-end e-discovery platform through this strategic acquisition of the clear industry leader in data collection, analysis, and action. From the collection to the courtroom, Reveal offers the most comprehensive spectrum of AI-powered software solutions in the legal industry and beyond.

Rippl Buys AI Healthcare Company Kinto

By Amit Chowdhry ● May 9, 2024

Rippl, a leading dementia-focused specialty care provider, announced it had acquired Kinto - a Boston-based AI-enabled dementia caregiver support platform. This combination will enable the companies to reach an exponentially larger group of people living with dementia and their caregivers with human-centered care far beyond traditional brick-and-mortar models.

LPL Financial: Acquisition Of Crown Capital Securities Closed

By Amit Chowdhry ● May 8, 2024

LPL Financial announced it has closed its acquisition of Crown Capital Securities, L.P., a full-service broker-dealer and registered investment advisor (RIA) based in Orange County, California.

Private Advisor Group Brings In $90 Million Advisor

By Amit Chowdhry ● May 8, 2024

Private Advisor Group, one of the largest/fastest-growing independent wealth management firms, has welcomed Ethan Campbell (Wealth Advisor of Stones River Wealth Management) to its community of advisors. Based in Woodbury, Tennesse, team members include Collin Reed (Wealth Advisor) and Alana Hale (Office Administrator). The firm takes a holistic approach to financial planning and currently oversees a reported $90 million in client assets under management.

LPL Financial Brings In $200 Million Journey Financial Team

By Amit Chowdhry ● May 8, 2024

LPL Financial announced that financial advisors Timothy Heisterkamp, CFP, and Max Neese, CFP have joined LPL Financial’s broker-dealer, RIA and custodial platforms. And they reported serving approximately $200 million in advisory, brokerage and retirement plan assets, and join LPL from Cambridge.

BIP Wealth Acquiring The Money Advisor Group, Bringing AUM To $3.3+ Billion

By Amit Chowdhry ● May 8, 2024

The Money Advisor Group, LLC (TMAG), a Registered Investment Advisor (RIA) specializing in investment management and retirement planning, announced it had signed a deal to be acquired by Atlanta-based RIA, BIP Wealth, through its new BIP Alliance initiative. BIP Wealth offers investment management and sophisticated planning solutions for high-net-worth individuals and families, institutional clients, and corporate retirement plans.

LPL Financial Brings In $240 Million Guardian Partners Wealth Management Team

By Amit Chowdhry ● May 8, 2024

LPL Financial announced that financial advisors Mitchell “Mitch” and Wesley “Wes” McCann have joined its broker-dealer, RIA, and custodial platforms. They reported serving approximately $240 million in advisory, brokerage, and retirement plan assets and joined LPL from Ameriprise.

Akamai To Buy Noname Security In $450 Million Deal

By Amit Chowdhry ● May 8, 2024

Akamai Technologies, a cloud company that powers and protects life online, announced that it has entered into a definitive agreement to acquire application programming interface (API) security company Noname Security.

Lincoln Financial Completes Sale Of Wealth Management Business To Osaic In $650 Million Deal

By Amit Chowdhry ● May 8, 2024

Lincoln Financial Group announced that it has completed the sale of its wealth management business, including all ownership interests in the Lincoln subsidiary entities comprising that business, to Osaic - one of the nation’s largest providers of wealth management solutions. And the sale also provides Lincoln with about $650 million of capital benefit - which the company will use primarily to increase its risk-based capital ratio. Lincoln also plans on using part of the capital benefit to reduce its leverage ratio.

Docusign Buying Lexion In $165 Million Deal

By Amit Chowdhry ● May 8, 2024

Docusign announced it has agreed to buy Lexion for $165 million in cash, subject to customary conditions. Lexion's simple agreement workflow platform has helped companies streamline and centralize the contracting process by using AI. Lexion customers include in-house legal teams and users across sales, procurement, finance, marketing, HR, etc.