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Berkshire Global Advisors acted as financial advisor to Warren Averett Asset Management
  • has entered into a strategic partnership with
  • Berkshire Global Advisors acted as financial advisor to Warren Averett Asset Management

  • Date: November 2021
  • Sector: Wealth Management
  • Region: North America
  • Seller AUM: $4.2 Billion
  • Seller Details:
    Founded in 1999 in Birmingham, Alabama, as a wholly-owned subsidiary of Warren Averett CPAs & Advisors, Warren Averett Asset Management (“WAAM”) serves a diverse group of clients including high net worth individuals, families, corporate retirement plans, trusts, endowments and institutions. WAAM manages more than $4 billion in assets and offers collaborative investment, tax, estate and financial planning services. The company currently has seven offices across the Southeast and a team of over 40 professionals holding many of the industry’s most prestigious credentials.

    Buyer Details:
    Wealth Partners Capital Group

    Wealth Partners Capital Group (“WPCG”) is a financial services holding company, which invests in and partners with select leading wealth management firms. WPCG assists its partner firms by identifying and integrating like-minded registered investment advisers who are seeking access to expanded business capabilities, strategic growth and customized transition solutions.

    HGGC

    HGGC is a leading middle-market investment firm based in Palo Alto, Calif. with over $5.6 billion in cumulative capital commitments. HGGC is focused on partnerships with management teams, founders and sponsors who reinvest alongside HGGC, creating a strong alignment of interests. Since its inception in 2007, HGGC has invested in a variety of opportunities, including those in financial services and wealth management.

    Transaction Summary:
    The management team of WAAM will remain meaningful shareholders as part of this transaction and the parent company, Warren Averett CPAs & Advisors, will retain a minority stake. The partnership with WPCG and HGGC will allow WAAM to continue both its organic growth and its expansion via M&A. WAAM is focused on acquiring like‐minded wealth management firms and advisors, with a particular emphasis on those firms with a CPA‐orientation and a location in the Southeast, where WAAM already enjoys a strong regional presence and a history of successful M&A.