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 outdoors of its founders and administration workforce.
In an announcement in regards to the deal, Americana CEO Jason Fertitta known as it an “essential milestone” for the agency, with LMP and Americana sharing a “frequent imaginative and prescient” for what they wish to accomplish for shoppers.
“We selected to work with LMP due to their intensive monitor report in accelerating development for profitable wealth administration organizations, their deep bench of sources to help strategic acquisitions and their underlying philosophy as companions and traders,” Fertitta mentioned.
Americana’s management workforce and workers will stay important homeowners, whereas Fertitta and the remainder of the management workforce will proceed to run the agency after the deal.
A gaggle 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 places of work.
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 companies (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 companies and tech firms, with a selected deal with monetary and enterprise companies and fintech companies. Based in 1999, LMP has raised over $5 billion of dedicated capital and invested in additional than 50 distinctive platform firms (and finalized greater than 200 add-on acquisitions).
Present holdings embrace Pathstone, OneZero Monetary and STP Funding Companies (previous investments the agency made embrace 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 property within the first 12 months. For the reason that LMP deal, it’s jumped from $15 billion to just about $100 billion in property as of earlier this 12 months.
“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 & Chook served as authorized counsel for Americana and LMP, respectively.
