Transactions
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Verdence Capital Advisors, LLC Has Sold a Minority Stake to New York Private Bank & Trust
New York, NY, July 22, 2021– Park Sutton Advisors,LLC (“Park Sutton Advisors”) is pleased to have represented Verdence Capital Advisors (“Verdence”) on its minority investment by New York Private Bank & Trust and subsidiary Emigrant Partners (“Emigrant”), a leading investor in registered investment advisors (“RIA”). Based in Hunt Valley, Maryland, Verdence is a leading wealth manager with $3.5 billion in Assets Under Management (“AUM”) that works with high-net-worth families, business owners, executives, professional athletes, and entertainers. Terms of the transaction were not disclosed.
Leo Kelly, Founder and CEO of Verdence Capital Advisors, said, “We considered many potential capital investors and are thrilled to be moving forward with Emigrant Partners. The capital from this investment will be dedicated to the growth of our firm. The partners at Verdence unanimously agreed not to take any liquidity from this event. Instead, we have a shared commitment to leverage this investment to build a multi-generational firm. We will expand our national footprint and make investments to enhance our clients’ experience.”
“Verdence, with its scale, depth and breadth of capabilities, has developed an outstanding platform for M&A and we are excited to begin working with them on strategic opportunities,” said Karl Heckenberg, CEO of Emigrant Partners.
Steven Levitt, Founder of Park Sutton Advisors, said, “As RIA firms continue to transact at a record pace, leading independent RIAs are seeking capital to accelerate their growth through M&A. I am so pleased to see Verdence find a quality partner who can contribute to their continued success.” Dan Erichson, CFA, a Director with Park Sutton Advisors, added, “We have developed a long-term relationship with Leo Kelly, Tom New, and their team, and believe they are well-positioned to be an active contender in the RIA M&A space. We wish them continued success as they enter their next phase of growth.”