Atlanta-based Homrich Berg is buying WMS Companions, a $6.4 billion multi-family workplace and RIA in Maryland. This can increase the agency’s complete belongings beneath administration above $24 billion.
The Tyson, Md.-based WMS Companions will turn into a part of the Homrich Berg Household Workplace. WMS was based in 1993 by Tim Chase, David Citron and Martin Eby and at present staffs over 80 workers and companions providing a variety of wealth administration and household workplace companies for shoppers within the high-net-worth to ultra-high-net-worth vary.
In response to Homrich Berg President and CEO Thomas Carroll, the 2 corporations share a “distinctive method to advance planning and personal market investing,” and the addition of WMS Companions will assist Homrich Berg on its objective to turn into “the premier unbiased fee-only RIA within the Southeast-plus area.”
WMS Companions already loved a multi-year relationship with Homrich Berg, in response to WMS CEO Todd Wickwire, and the acquisition will imply WMS’s 21 shareholders will turn into homeowners in Homrich Berg, bringing that agency’s complete rely to over 70 shareholders. On account of the deal, Homrich Berg’s footprint will increase to 10 workplaces in 5 states with over 300 workers.
In September, Homrich Berg executives opted to promote a minority stake within the agency to TPG Progress, the center market and development fairness platform of the San Francisco-based non-public fairness agency TPG. In response to Reuters, the deal valued the RIA at round $1 billion.
The agency has additionally been backed by New Mountain Strategic Fairness, an affiliate of the non-public fairness agency New Mountain Capital, which made its minority funding in 2021. New Mountain saved its stake within the wake of the TPG deal. In 2022, Homrich Berg accomplished a debt capital revolver by elevating $75 million in a multi-bank syndication led by First Residents Financial institution, permitting the agency’s homeowners to retain their majority management.
Carroll took over the function of Homrich Berg CEO firstly of this yr. He succeeded Andy Berg, who’d led the agency since its founding. The transfer was a part of a deliberate transition that started when Carroll was employed in 2020, and Berg remained as chairman of the agency’s board.
In April, Homrich employed Andrew Web page to move the agency’s M&A exercise. Web page beforehand labored on direct investments and sub-acquisitions at Focus Monetary for 5 years earlier than shifting to Ancora Holdings, a Focus companion agency, in 2022, the place he oversaw the agency’s M&A. The WMS deal is the primary acquisition beneath Web page’s tenure.
Homrich Berg additionally employed Michael Woocher, who had spent 9 years at Bernstein Non-public Wealth Administration, because the newly created chief advisory officer. In September, the agency employed Joanna Irwin as chief advertising officer. She changed Invoice Bolen, who returned to specializing in consumer service. Final month, the agency added a $4 billion Tampa, Fla. crew becoming a member of from Truist, turning into Homrich Berg’s second workplace within the Sunshine State.
Berg co-founded the agency in 1989 with David Homrich, with the assistance of a $100,000 mortgage from Homrich’s father. The duo managed lower than $10 million for the agency’s first decade.
Nonetheless, by the point Residence Depot co-founder Arthur Clean lured Homrich to assist him construct a household workplace in 2001, the agency managed about $500 million in consumer belongings. Now, the agency acts as a regional integrator, working with greater than 3,600 households nationwide.
The WMS deal is anticipated to shut early in 2025’s first quarter.
