Beacon Pointe Advisors and Beacon Pointe Wealth Advisors are Becoming One Registered Investment Advisor, Selecting Abry Partners as a Strategic Minority Capital Investor, and Expanding with the Acquisition of Ferrell Wealth Management
Newport Beach, CA – Monday, March 9, 2020 – The Beacon Pointe family of companies, which includes Beacon Pointe Advisors, LLC (“BPA”) and Beacon Pointe Wealth Advisors, LLC (“BPWA”), formally announced today the merging of its two operating Registered Investment Advisors (“RIAs”) into a single RIA operating as Beacon Pointe Advisors, LLC (“Beacon Pointe”), and recapitalization with a strategic minority investment by Abry Partners (“Abry”). Abry’s investment will provide capital for continued acquisitions by Beacon Pointe, enhancements to investment research, technology and the Beacon Pointe client experience, as well as further position Beacon Pointe for market leadership in the investment advisory industry.
Founded in 2002, Beacon Pointe Advisors is one of the largest independent registered investment advisory firms in the nation with over $11 billion in assets under management and advisement, 15 offices and over 150 employees throughout the U.S. The RIA serves endowments and foundations, retirement plans, and high-net-worth individuals and families. Continuing under the direction of its experienced existing corporate leadership team, Beacon Pointe has extensive plans for continued expansion and growth that will now be accomplished with the support of Abry Partners.
“It’s thoughtfully ‘full steam ahead!’ for Beacon Pointe,” states President, Matt Cooper. “Our strong entrepreneurial culture and team-centric, growth-minded approach remains the same. The merger of our RIAs simply provides for added efficiencies and alignment across the business. We are excited about our partnership with Abry as their expertise and capital inflow will open gates to an expanded opportunity for synergistic office acquisitions and exponential organic growth.”
Abry’s strategic minority investment facilitates the merging of the RIAs – BPA and BPWA – into a single entity, provides liquidity to existing shareholders, funds expansion through the firm’s M&A strategy, and offers expanded resources to continue upon the delivery of the Beacon Pointe client experience.
Shannon Eusey, Beacon Pointe’s CEO shares, “We will continue to remain true to our foundation in every aspect of the business – providing the best service to our clients, treating our team well and nurturing our firm culture, keeping leadership intact and our mission and vision at the core focus of everything we do. We are grateful to have a partner in Abry – their team and expertise are phenomenal, and we are excited for what the future holds.”
“We look forward to partnering with Shannon [Eusey], Matt [Cooper] and the entire Beacon Pointe management team to support the Company’s next phase of growth,” said Azra Kanji, a Senior Partner at Abry. “We have been impressed by Beacon Pointe’s performance to-date, including its track record of successful acquisitions and the quality of its advice and expertise. We believe the Company will continue to lead the market in providing a differentiated experience for its clients and advisors.”
Simultaneous to the merger of the RIAs, Beacon Pointe announced the acquisition of Winter Park-Orlando, FL-based Ferrell Wealth Management, Inc. (FWM), adding more than $460 million of AUM, bringing Beacon Pointe to a total of 16 offices and more than $11.5 billion in total assets under advisement.
“My team and I are so excited to be a part of the collaborative energy that is Beacon Pointe,” states Jimmy Ferrell, President and Founder of FWM. “Being a part of Beacon Pointe allows us to grow our business more rapidly and at the same time enhance our abilities to better serve our clients.”
“We are excited and pleased to have the Ferrell Wealth Management team join Beacon Pointe,” says Cooper. “This merger is synergistic in many ways. Yes, this is one of our largest M&A transactions to-date, but more importantly, FWM brings with them seasoned and successful founding entrepreneurs, as well as talented wealth advisors and team members. The future of the wealth management business is about having the best people serving clients. Also, the addition of the Ferrell team brings the number of Beacon Pointe offices on the East Coast to four and expands our geographic footprint from Boston to Florida. And, we’re just getting started.”
Ardea Partners LP served as the exclusive financial advisor to Beacon Pointe. Alston & Bird served as legal counsel to Beacon Pointe, and Kirkland & Ellis served as legal counsel to Abry.
The transactions are subject to normal and customary closing conditions. Financial terms of the transactions were not disclosed.
About Beacon Pointe:
Beacon Pointe Advisors is a registered investment adviser headquartered in Newport Beach, California, with office locations and clients located nationally. Clients have long relied on Beacon Pointe’s professional advisors to help determine investment goals, establish asset allocation guidelines, screen investment managers for selection, evaluate fund performance, and develop strategic financial plans. Our advisors’ extensive expertise and strong commitment to our clients can be seen through numerous awards, including being recognized by Bloomberg, Forbes, Financial Advisor Magazine, CNBC, Barron’s and more. For more information on Beacon Pointe’s wealth advisory services, please visit: www.beaconpointe.com.
About Abry Partners:
Abry is one of the most experienced and successful sector-focused private equity investment firms in North America. Since their founding in 1989, the firm has completed over $82 billion of leveraged transactions and other private equity or preferred equity placements. Currently, the firm manages over $5 billion of capital across their active funds. For more information about Abry, visit the firm’s website at: www.abry.com.
For Beacon Pointe and Ferrell Wealth Management Press Inquiries:
Allison Warner, Chief Marketing Officer
For Abry Press Inquiries:
Chris Tofalli Public Relations