Ownership of Mercer Advisors is changing hands. Genstar Capital, a San Francisco-based private equity firm, said Wednesday that it is buying a major stake in the RIA from Lovell Minnick Partners.
Mercer, based in Santa Barbara, California, has over 50 advisors, about $6 billion in client assets, some 140 employees and 15 branch offices nationwide.
“This acquisition benefits our clients and employees, as well as the long-term strategy of our firm and provides for continuing a renewed private equity partnership first established with Lovell Minnick,” said David Barton, president and CEO of Mercer Advisors, in a statement. “Genstar’s capital investment will allow us to further invest in growth, both organically and through acquisitions, and elevate the value proposition we offer our current and future clients,” Barton added.
Lovell Minnick Partners has owned Mercer Advisors for the past seven years, and the transaction with Genstar—which also owns AssetMark and Altegris—should be completed in the second quarter of 2015.