Non-public fairness agency Lovell Minnick Companions is taking a majority stake in Americana Companions, an $8.5 billion Houston-based agency (and member of the Dynasty Monetary Companions community). LMP would be the agency’s first proprietor exterior of its founders and administration workforce.
In a press release in regards to the deal, Americana CEO Jason Fertitta known as it an “necessary milestone” for the agency, with LMP and Americana sharing a “widespread imaginative and prescient” for what they need to accomplish for shoppers.
“We selected to work with LMP due to their in depth monitor document in accelerating development for profitable wealth administration organizations, their deep bench of sources to help strategic acquisitions and their underlying philosophy as companions and buyers,” Fertitta mentioned.
Americana’s management workforce and staff will stay vital homeowners, whereas Fertitta and the remainder of the management workforce will proceed to run the agency after the deal.
A bunch of breakaway Morgan Stanley advisors based Americana in 2019, making it the largest workforce to hitch Dynasty to that time. The group launched with seven advisors throughout three Texas workplaces.
Since then, the agency has continued to draw expertise (together with a number of huge names from Morgan Stanley). The agency affords wealth recommendation and household workplace providers (with expertise in alts and conventional funding methods). Americana works with high-net-worth and ultra-high-net-worth shoppers nationwide and not too long ago opened a brand new division in Houston specializing in shoppers in Latin America.
LMP primarily works with high-growth, middle-market providers and tech corporations, with a selected deal with monetary and enterprise providers and fintech corporations. Based in 1999, LMP has raised over $5 billion of dedicated capital and invested in additional than 50 distinctive platform corporations (and finalized greater than 200 add-on acquisitions).
Present holdings embody Pathstone, OneZero Monetary and STP Funding Companies (previous investments the agency made embody Mercer Advisors, Foreside and AssetMark, amongst others). LMP purchased a majority stake in Pathstone in 2019 and helped the agency develop by $7 billion in managed belongings within the first yr. For the reason that LMP deal, it’s jumped from $15 billion to just about $100 billion in belongings as of earlier this yr.
“Our investments are partnerships, and we’re aligned with the Americana workforce’s high-growth strategic imaginative and prescient,” Lovell Minnick Companions Associate Trevor Wealthy mentioned.
Piper Sandler & Co. operated as Americana’s unique monetary advisor for the deal, whereas Winstead and Alston & Hen served as authorized counsel for Americana and LMP, respectively.
