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RIA Mercer Advisors, which has about $16.5 billion in assets, says it is selling an equity stake previously owned by private equity firms Genstar Capital and Lovell Minnick Partners to Oak Hill Capital.

Terms of the deal were not disclosed. But Mercer did say that both Oak Hill and Genstar will “have significant shares and … a presence on the board,” according to a spokesperson.

The news comes about four and a half years after Genstar Capital and Mercer leaders acquired a majority stake in the firm from Lovell Minnick. Since 2015, Denver-based Mercer has more than doubled its $5.8 billion in assets and completed 23 acquisitions, the RIA says, adding that  it now has over 40 regional offices and “referral relationships” with Charles Schwab, E-Trade, Fidelity Investments and TD Ameritrade.

Lovell Minnick acquired its majority stake in Mercer in 2008. At the time, Mercer was located near Phoenix, had about $3.6 billion of assets and focused on clients in medicine and dentistry.

“Genstar Capital and Lovell Minnick were instrumental in our development, and we are delighted that Genstar will be staying on as an investor and partner,” said Mercer CEO Dave Welling, in a statement. Our future is even brighter with Oak Hill being added as a strategic investor.”

Steve Puccinelli, a partner of Oak Hill, added: “We are excited to partner with CEO Dave Welling, his outstanding team and existing investor Genstar to further help the company expand organically and through strategic acquisitions.”

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