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June 01, 2023 at 11:09 AM
What You Need to Know
- Hightower said Wednesday it acquired Vigilant Wealth Management.
- Vigilant specializes in providing solutions to high-net-worth individuals and families, executives, entrepreneurs and business owners.
- The specific terms of the transaction were not disclosed, but a Hightower spokesperson said the deal is expected to close around June 30.
Hightower, a registered investment advisor, said Wednesday it acquired RIA Vigilant Wealth Management, a full-service wealth management business with offices in Portland, Maine, and Portsmouth, New Hampshire, that manages about $2.3 billion in client assets across 500 households.
“We’re not disclosing specific terms of the transaction,” a Hightower spokesperson told ThinkAdvisor by email. “What we can say is that the transaction involved cash and equity” and “the deal is expected to close around June 30.”
The spokesperson added: “The acquisition of Vigilant follows the same strategy Hightower has been taking with acquiring firms over the last few years. Meaning, Vigilant is integrating into Hightower but maintaining an economic interest in, as well as strategic and management control of, the business. Hightower is acquiring 100% of the assets of the firm — Vigilant’s ADV will move on to Hightower’s ADV.”
The deal was made as a “strategic investment” by Hightower, the company said. Vigilant was advised on the transaction by Cambridge International Partners.
This was the fifth deal announced by Hightower so far this year. The firm said on May 8 it made a strategic investment in TEN Capital Wealth Advisors, a $1 billion RIA with offices in Seattle and Spokane, Washington, calling it one of the fastest-growing firms in the Pacific Northwest.
On Feb. 28, Hightower said it facilitated its first sub-acquisition, for Schultz Collins Investment Counsel, a Hightower advisory business based in Orinda, California.
On Feb. 13, Hightower said it made a strategic investment in Bickling Financial Services, a Lexington, Massachusetts-based firm with about $625 million in assets under management.
Additionally, on Feb. 8, Hightower said it facilitated a strategic merger between TC Wealth Partners and EFG Advisors, boosting TC assets to over $2 billion.
