Seller Details:
Balentine was created in 2009 as a successor firm of Balentine & Company, which was founded in 1987 by Chairman Robert Balentine and his father. The firm serves about 300 clients nationwide, out of its offices in Atlanta and Raleigh, N.C. The firm has about $8 billion in client assets.
Buyer Details:
FJ Management was previously known as Flying J Inc. The company got its start investing in convenience stores and gas stations, such as the Maverik brand. It was founded in 1968 by O. Jay Call, who grew up in the gas station business working for both his father and his uncle. FJM now owns a number of companies in the energy sector, as well as companies in banking, med spas and real estate.
Transaction Summary:
As a result of the deal, Balentine will continue to operate independently with its current leadership team intact. Balentine will use the capital for succession planning and growth which will distinguish Balentine in the wealth management industry.