Homrich Berg, an Atlanta-based RIA integrator with $17 billion in belongings, will promote a minority stake within the agency to TPG, a Fort Value, Texas-based non-public fairness agency, in response to a Reuters report based mostly on sources “aware of the matter.”
The deal would worth the RIA at round $1 billion.
Homrich Berg is at present backed by New Mountain Strategic Fairness, an affiliate of personal fairness agency New Mountain Capital, which made a minority funding in 2021. In June 2022, the agency accomplished a debt capital revolver, elevating $75 million by means of a multi-bank syndication led by First Residents Financial institution. That deal allowed Homrich Berg to take care of majority management of the agency.
The Reuters report was not clear whether or not this meant New Mountain would exit its funding.
Spokespeople for Homrich Berg and TPG didn’t instantly reply to a request for remark.
Final yr, Homrich Berg CEO Andy Berg stepped down from his place after rising the RIA integrator for almost three and a half a long time. President Thomas Carroll took over as CEO earlier this yr, and the strikes had been a part of a deliberate, multi-year transition that started when Carroll was employed in 2020.
In April, the agency employed Andrew Web page, a former director and accomplice at Focus accomplice Ancora Holdings Group, to steer the agency’s M&A efforts.
Earlier this month, Homrich Berg employed Joanna Irwin as chief advertising officer. She changed Invoice Bolen, who returned to specializing in shopper service. Irwin joined from Randstad, a expertise firm, the place she was the worldwide CMO.
