CIVC Partners has acquired a majority interest in Cary Street Partners, a US-based wealth and asset management firm with approximately $10bn in AUM. 

The deal represents a strategic recapitalisation designed to fuel future growth through acquisitions, while providing liquidity to early backers.

Cary Street CEO Joe Schmuckler confirmed that 35 executive and employee shareholders participated in a near-total equity rollover. “This is about as close to a 100% roll for the insiders as can be,” he said.

The transaction sees previous investors Atlantic Union Bank and Ducera Partners reduce their stakes, with Atlantic Union fully exiting. The recapitalisation marks a turning point for Cary Street’s expansion strategy, following a series of RIA acquisitions, most recently Fort Worth-based Keene & Dorchak, a $200m firm.

Founded in the early 2000s, Cary Street now operates 19 offices across seven US states and offers wealth management, asset management, and insurance services.

CIVC, headquartered in Chicago, focuses on middle-market business services and typically invests $20m to $100m in companies with $5m to $30m in EBITDA. This marks its only active investment in the independent wealth management space.

The transaction is subject to regulatory approval. Dalphia Partners advised Cary Street, with Sherman & Company advising CIVC. Legal counsel was provided by Williams Mullen, Reed Smith, and Ropes & Gray.

Source: CityWire