Mariner Wealth Sells Small Stake to Private Equity Firm

Los Angeles private equity firm Leonard Green & Partners has taken a minority stake in Kansas City, Kansas-based Mariner Wealth Advisors, which works with 350 advisors across 42 U.S. offices.

Leonard Green & Partners “will invest significant capital to fuel” the wealth advisory firm’s plans to “substantially grow its footprint throughout” the U.S., said Mariner, which has assets under advisement of over $40 billion.

Terms of the deal were not disclosed. But the direct equity stake that Marty Bicknell, Mariner Wealth Advisors CEO, president and founder, has in the firm, as well as the day-to-day management and leadership at Mariner, will remain unchanged, it said. LGP, however, will have representation on Mariner’s board.

LGP declined to comment on Wednesday.

“This is a tremendous opportunity for our company to continue our expansion and hiring of talent throughout the United States,” according to Bicknell.

“I am thrilled to align ourselves with a partner that shares our values and desire for growth,” he said in a statement. “As we move forward, we will maintain the firm’s culture and continue to provide an environment that attracts the best and brightest advisors in the business.”

Mariner Wealth Advisors provides wealth advisory and related resources and services, from tax planning to insurance, and has been aggressively welcoming new advisors and firms since its 2006 founding with $300 million in assets, it said. The company has 736 associates overall and has completed 24 acquisitions since inception.

“The success of Mariner Wealth Advisors is, in large part, due to the exceptional firms we have acquired through the years, and a proven integration process that enables the firm to scale with speed and efficiency while maintaining the culture and values that drive everything we do,” added Bicknell.

Ardea Partners LP served as exclusive financial advisor to Mariner Wealth Advisors.