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Lovell Minnick Sells Mercer Advisors to Genstar

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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.

“Genstar has followed Mercer Advisors for a number of years, and this investment demonstrates our continued commitment to investing in targeted growth segments within the financial services industry,” stated Anthony Salewski, managing director of Genstar, in a press release. “Mercer has delivered consistent growth over the past several years, and we look forward to partnering with Dave and his management team to accelerate that trajectory.”

Genstar manages funds worth over $3 billion and targets investments in financial services, software, health care and industrial technology. The acquisition of Mercer Advisors is Genstar’s third transaction in investment management. 

It also owns a stake in AssetMark, a provider of investment management, client relationship tools and practice management programs to financial advisors; Altegris, an asset manager focused on alternative investments; Acrisure, a Midwest retail insurance brokerage; and Asset International, a provider of data, business intelligence, and information services to the global investment managers.


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