Inventive Planning is buying Edmonds Duncan, a $550 million RIA whose Lawrence, Kan., location is simply over 30 miles from Inventive Planning’s headquarters in Overland Park.
The Edmonds Duncan deal marks Inventive Planning’s first acquisition since San Francisco personal fairness agency TPG Capital’s “substantial” minority stake within the RIA, led by Peter Mallouk.
In an announcement in regards to the deal, the Inventive Planning CEO stated Edmonds Duncan excelled in “delivering a customized strategy” just like the bigger RIA.
“Their robust basis and native presence in our dwelling state considerably extends Inventive Planning’s attain,” Mallouk stated.
Based on SEC data, Jason Edmonds and Don Duncan co-founded the agency in 2013 after working collectively for 15 years, with multi-year stints at Baird, Morgan Stanley and PKS Investments.
A few of their shopper relationships lengthen again to 1968, when Jason’s father, Steve Edmonds, entered the brokerage world. They at present work with about 600 households. Based on Jason Edmonds, the merger was the “end result” of efforts to convey a big group of providers beneath one roof for purchasers, and Inventive Planning appeared like the perfect match.
“Our due diligence confirmed that, along with completely aligned funding and repair philosophies, Inventive Planning has constructed a best-in-class, absolutely built-in suite of economic planning, funding administration, property planning, tax, insurance coverage and belief providers,” Edmonds stated.
Six Edmonds Duncan staff (together with the 2 founders) will be part of Inventive Planning within the deal. Richard Tischler at RiezmanBerger was Edmonds Duncan’s authorized counsel for the sale.
In late September, TPG Capital introduced it could make a “substantial” minority funding in Mallouk’s $375 billion agency. TPG joined present investor Common Atlantic, which saved its minority stake. TPG stated it’s capital “extra assets and experience” for Inventive Planning (Mallouk retained his majority stake within the firm).
The deal was introduced a number of days after TPG revealed it had purchased a minority stake in Homrich Berg, an Atlanta-based RIA integrator with about $18 billion in property.
The Edmonds Duncan deal is Inventive Planning’s ninth for the reason that begin of 2023 and its second deal this 12 months after buying ML&R Wealth Administration in April. The Texas-based RIA’s 18 staff managed about $1.8 billion in AUM, counting 676 households and 15 establishments as purchasers.
These offers adopted a number of important acquisitions close to the tip of 2023, together with shopping for Mesirow’s retirement providers enterprise and Goldman Sachs Private Monetary Administration, beforehand United Capital.
