Archives

MAG Wealth Management Buys Ovation To Oversee $350 Million In AUM

By Amit Chowdhry ● Dec 1, 2024

MAG Wealth Management announced the acquisition of Ovation Wealth Advisors and its subsequent rebranding to Carson Wealth. This strategic partnership, which includes Carson Group taking a 30% equity stake, exemplifies a new model for industry advisor growth and succession planning. The newly formed Carson Wealth location will oversee $350 million in assets under management (AUM) and be the first Carson Wealth branded location in Minnesota.

Heidelberg Materials To Buy Giant Cement In $600 Million Deal

By Amit Chowdhry ● Dec 1, 2024

Heidelberg Materials North America announced that it has entered into a definitive purchase agreement to acquire Giant Cement Holding Inc. (GCHI) and its subsidiaries, Giant Cement Company, Dragon Products Company and Giant Resource Recovery, from the Fortaleza, Uniland and Trituradora groups.

Aira Technologies: $14.5 Million (Series B) Raised To Apply AI To Cellular Network Infrastructure

By Amit Chowdhry ● Dec 1, 2024

Aira Technologies, a leader in applying AI to cellular network infrastructure, announced it has raised $14.5 million in Series B to expand and accelerate its AI/ML-based solutions to drive improvements in operating, energy, and spectral efficiency.

Summit Financial: $420 Million Asset Acquisition Of Three Leading Advisory Firms

By Amit Chowdhry ● Dec 1, 2024

Summit Financial, an investment advisory firm with over 40 years of experience providing market-leading, multi-family office services that enable financial advisors to accelerate growth, announced that advisors from three firms - Southeast Financial Group (SEFG), Radiance Private Wealth, and Silvertree Retirement Planning - have joined its network. Summit’s partnership model Summit Growth Partners (SGP) has strategically invested in SEFG, Radiance, and Silvertree, elevating its total strategic investments to 16 for the year.

LPL Financial Brings In $250 Million RIA Happier Wealth Team

By Amit Chowdhry ● Dec 1, 2024

LPL Financial announced that financial advisors Will Beck, CFP, Mike Macfarlane, CASL, CLU, ChFC, Tyler Vongsawad, CLU, ChFC, CASL, CFP, MSFS, and Sam Rosen, CFP, have joined LPL Financial’s broker-dealer, RIA, and custodial platforms to launch a new independent practice, Happier Wealth. They reported having served about $250 million in advisory, brokerage, and retirement plan assets and joining LPL from Northwestern Mutual.

StoreCash: Cashback And Financial Mobile Application Company Raises $3.7 Million (Seed)

By Amit Chowdhry ● Dec 1, 2024

StoreCash, a cashback and financial mobile application company, announced the close of a $3.7 million seed round led by Black Operator Ventures (Black Ops). Returning investor MaC Venture Capital (MaC VC), 43North Foundation, Alumni Ventures, Buffalo Angels, Popular Ventures, and Mucker Capital participated.

Cetera Brings In $300 Million FA Bart Schulte

By Amit Chowdhry ● Dec 1, 2024

Cetera Financial Group, a premier financial advisor Wealth Hub, announced that Bart Schulte has joined Cetera Investment Advisers. Schulte is utilizing Cetera's growing RIA Blueprint platform to support his exclusive advisory business as an investment adviser representative. He will have access to the resources and support provided through the Cetera Advisors community. And he oversees approximately $300 million in assets under management (as of August 31, 2024) and previously managed client portfolios for nearly seven years in his latest role in his 24-year financial services industry career.

Modera Wealth Management Buying $467 Million Firm Bay Point

By Amit Chowdhry ● Dec 1, 2024

Modera Wealth Management - a fee-only comprehensive financial planning firm with $12.5 billion in assets under management (as of September 2024) - announced its acquisition of Bay Point Wealth, a registered investment adviser firm with offices in Annapolis and Stevensville, Maryland, and $467 million in assets under management (as of September 2024).

InfraRed Capital Partners: $1 Billion Closed For Sixth Value-Add Fund

By Amit Chowdhry ● Dec 1, 2024

InfraRed Capital Partners - an international infrastructure asset manager - announced the final closing of InfraRed Infrastructure Fund VI, with capital commitments above $1 billion USD, including co-investment vehicles and separately managed accounts (SMAs). This is InfraRed’s sixth flagship value-add infrastructure fund, which attracted institutional investors from North America, UK, Europe, and Asia.

Solvento: $12.5 Million (Series A) Raised To Automate Payments And Invoices For Trucking Companies

By Amit Chowdhry ● Nov 30, 2024

Solvento - a fintech company that automates payments, finances invoices, and addresses liquidity needs for carriers in the trucking industry in Mexico and the US - announced it raised $12.5 million in its Series A funding round.

Levanta: Amazon Seller Marketing Platform Company Raises $20 Million (Series A)

By Amit Chowdhry ● Nov 30, 2024

Levanta, a leading affiliate marketing platform for Amazon sellers, announced it raised a $20 million Series A funding round led by Volition Capital. This funding will enable Levanta to expand its platform capabilities, accelerate growth, and cement its position as a leading creator-driven commerce platform for Amazon sellers.

MetOx: High Temperature Superconducting Company Secures $15 Million

By Amit Chowdhry ● Nov 30, 2024

MetOx International - a U.S. leader in High Temperature Superconducting (HTS) technology - announced the closing of its Series B funding round, securing an additional $15 million from a strategic syndicate of investors, such as Duquesne Family Office, Piedmont Capital, Crosscut Ventures, New System Ventures, John Doerr's Family Office together with Ryan Panchadsaram, among others.

Illumen Capital: Systemic Inequity Focused Firm Raises $32.75 Million For Catalyst Fund

By Amit Chowdhry ● Nov 30, 2024

Illumen Capital - an impact fund of funds addressing systemic inequity by reducing racial and gender bias in investing - announced the raising of its $32.75 million Catalyst Fund, a vehicle designed for supporting first-time fund managers and entrepreneurs, particularly those from underrepresented backgrounds.

Spectro Cloud: Kubernetes Management Company Raises $75 Million (Series C)

By Amit Chowdhry ● Nov 29, 2024

Spectro Cloud, a leader in modern multi-cluster Kubernetes management at scale across a variety of deployment environments, including on-premises hardware, single and multi-cloud, and the edge, announced it has raised a $75 million Series C funding round led by Growth Equity at Goldman Sachs Alternatives with participation from existing Spectro Cloud investors.

Enlightenment Capital: $825 Million Fund V Closed

By Amit Chowdhry ● Nov 29, 2024

Enlightenment Capital, an investment firm focused on aerospace, defense, government, and technology (ADG&T) based in the Washington, DC, area, announced the closing of its latest fund, Enlightenment Capital Solutions Fund V, L.P.

DLA Piper: Andrew Dyson Named As Country Managing Partner For The UK

By Amit Chowdhry ● Nov 29, 2024

Global law firm DLA Piper announced that Andrew Dyson has been appointed as Country Managing Partner (CMP) for the UK, effective December 1. Dyson succeeds Liam Cowell, who led the UK firm since January 2019.

Raymond James Brings In $190 Million Advisors In Vancouver, Washington

By Amit Chowdhry ● Nov 29, 2024

Raymond James Financial Services (RJFS) Western division director Bill Counsman announced that the firm has welcomed financial advisors Brian Harmon and David Brown to the firm’s independent advisor channel.

CAPTRUST Acquires $5 Billion Boston-Based RIA

By Amit Chowdhry ● Nov 29, 2024

CAPTRUST Financial Advisors recently announced the addition of Boston Financial Management (BFM). This firm adds nearly $5 billion of client assets, an additional location in Boston, and two new locations in Cape Cod, Massachusetts, and Portland, Maine.

Flipturn: EV Fleet Management Company Raises $11 Million (Series A)

By Amit Chowdhry ● Nov 29, 2024

Flipturn, an electric vehicle (EV) charger, and fleet management platform announced it had raised $11 million in a Series A round led by CRV with participation from Accel. Flipturn helps fleets manage chargers and their overall fleet operations. This funding round will enable the team to continue on its quest to expand into broader charging and energy management solutions.

Osaic Onboards $180 Million Nova Wealth Team

By Amit Chowdhry ● Nov 29, 2024

Osaic - one of the nation's largest wealth management platforms - announced the addition of Nova Wealth, an independent wealth manager based in Buffalo, N.Y., with $180 million in client assets under administration.