Financial Services Acquisitions in 2021

World Insurance Associates LLC (WIA), a Tinton Falls-based insurance consolidator, acquired SAS Insurance Agency, Inc. of Kearny, New Jersey effective December 31, 2021. SAS, founded in 1965 and owned by Michael Symeonides since 2002, will continue operating from its existing location with its professional staff as part of WIA's expanding broker network.

Estancia Capital Partners signed a definitive agreement to acquire a majority stake in Reich & Tang Deposit Networks (R&T), a New York–based administrator of reciprocal deposit networks and insured cash sweep programs, with R&T management remaining as meaningful equity holders. Estancia structured the transaction with institutional capital partners and allocators — including Flexpoint Ford (preferred equity), Hamilton Lane (allocator of capital), the New York State Common Retirement Fund and Madison Capital Funding — to accelerate R&T’s growth and expand its product and technology capabilities; the firms later combined R&T with Total Bank Solutions under R&T Parent Holdings.

Regions Financial Corporation has completed the acquisition of Clearsight Advisors, an M&A and capital-raising advisory firm. The deal brings Clearsight into Regions Bank’s Capital Markets division to expand Regions’ M&A advisory and technology-sector capabilities; Clearsight will retain its McLean, Virginia headquarters and existing offices in New York and Dallas.

Velocity Financial, Inc. (NYSE: VEL) has acquired a majority stake in Century Health & Housing Capital, a Ginnie Mae issuer/servicer that provides FHA-insured mortgage financing and servicing for multifamily, senior living and long-term care facilities. The acquisition expands Velocity's product suite into government-insured multifamily and healthcare lending, diversifies revenue with fee-based origination and servicing income, and is expected to be immediately accretive to earnings.

EP Wealth Advisors, an RIA based in Torrance, California, acquired a Kirkland, Washington-based advisory team led by Todd Flynn and John Buller (four advisors and three staff), expanding EP Wealth’s presence in the Puget Sound to five Washington locations. The deal closed Dec. 28, 2021, and added more than $482 million in assets under management; financial terms were not disclosed.

Lightyear Capital LLC agreed to acquire a majority stake in UK financial planning firm Wren Sterling from Palatine Private Equity and other shareholders, with Wren Sterling's management remaining significant shareholders. The deal, completed after FCA approval, gives Wren Sterling access to capital to pursue organic growth and selective acquisitions while continuing to expand its UK advice network.

The Public Finance Group of PMA Securities, LLC acquired the municipal advisory business of Crystal Financial Consultants, Inc. from principal owner Dr. Robert Grossi. Crystal — a top-10 Illinois school municipal advisor — will transition its MA clients to PMA while Dr. Grossi continues to provide non-MA consulting services under the new name Illuminate, Inc.

The Mather Group (TMG), a family- and employee-owned wealth management firm, has acquired Nashville-based registered investment adviser Eugenias Advisory Group (EAG). EAG manages more than $162 million in AUM with a five-person team and will continue operating from its Nashville office as TMG expands its national footprint.

SS&C Technologies has made a strategic minority investment in the newly formed company combining Equiniti and American Stock Transfer & Trust Company (AST), a business recently acquired by affiliates of Siris Capital Group. The investment joins SS&C with Siris and other investors to create a leading international provider of shareholder, transfer agent and regulatory technology and to explore commercial and product partnerships across the combined business.

Two Sigma announced an investment in Figment, a crypto staking, middleware, and application-layer provider, to support Figment's continued growth and Web3 ecosystem development. The investment will see Figment work more closely with the Pyth Network to bring enhanced functionality and usability to Pyth HiFi market data.

Athene Holding Ltd. has entered into a definitive agreement to acquire Petros PACE Finance, a U.S. originator of Commercial Property Assessed Clean Energy (C-PACE) financing. The investment will be managed by Apollo, and Petros' co‑founders will remain with the business and retain a minority stake as the company scales its C‑PACE origination platform.

New Residential Investment Corp. completed its acquisition of Genesis Capital LLC, a Sherman Oaks-based business-purpose lender, from affiliates of Goldman Sachs. The deal, financed with New Residential cash and committed asset-based financing from Goldman Sachs, adds loan origination capability to New Residential's single-family rental platform; Genesis originated roughly $2 billion of loans in 2021 and has about 170 employees.

New Orleans-based Eustis Mortgage Corporation has acquired Canton, Ohio-based Signature Mortgage Corporation, bringing Signature's 30+ member Canton team into the Eustis family. The deal folds Signature's operations and brand into Eustis' platform, with Signature founder Bob Catlin remaining as Senior Vice President to support integration and operational continuity.

Hub International Limited acquired the assets of The Spofford Group Insurance Brokerage, Ltd., a Hingham, Massachusetts-based specialty insurance broker focused on management liability and financial institutions. Rob Spofford and the Spofford Group team will join Hub New England to deepen Hub’s financial institutions specialty practice; terms were not disclosed.

ProTitleUSA has acquired DocSolution, Inc., a Pasadena, Texas–based document preparation and recording firm, which will operate as DocSolutionUSA, LLC dba DocSolution Inc. The acquisition brings DocSolution's mortgage document preparation, HUD Claim-22 assignment workflow and curative services into ProTitleUSA's title search and analytics platform to extend integrated search and doc-prep products into capital markets.

MAI Capital Management acquired New York–based Monarch Business & Wealth Management, LLC and its strategic partner Regal Wealth Management, LLC, expanding MAI’s nationwide footprint and adding experienced financial planning and investment teams to its Sports & Entertainment Division. The deal, which closed Dec. 17, 2021, will increase MAI’s assets under management by over $163 million; financial terms were not disclosed.

Ultimus Fund Solutions acquired FD Fund Administration and will merge the FD team into its private fund business unit, Ultimus LeverPoint Private Fund Solutions. The transaction, backed by private equity firm GTCR and closed December 15, 2021, expands Ultimus' private fund administration scale, geographic footprint and capabilities across real estate, credit and infrastructure funds.

Stewart Information Services Corporation (NYSE: STC) has acquired Devon Title Agency, a Michigan-based title agency with more than 30 years of operations. The acquisition expands Stewart's scale and market presence in Michigan and brings Devon's team, technology and local relationships into Stewart's national title services platform.

Crossroads Systems, Inc. (OTCQX: CRSS) has reached an agreement in principle to acquire Fountainhead, a national non-bank direct lender specializing in SBA 7(a), SBA 504 and low-LTV conventional loans. The acquisition is intended to diversify Crossroads' small-business product mix and expand its SBA lending capabilities; the deal is subject to SBA consent and expected to close in H1 2022.

JTC Group has acquired New York-headquartered Essential Fund Services (EFS), a fund accounting and administration firm serving alternative asset managers, to expand and add scale to its US fund services platform. EFS's team and c. $5.5bn AuA will join JTC's Institutional Client Services division and will work alongside the recently acquired SALI Fund Services to broaden capabilities in the Insurance Dedicated Fund (IDF) market.

MoneyLion Inc. agreed to acquire Even Financial Inc., the embedded finance marketplace and API platform, in a transaction valuing consideration of up to $440 million. The deal expands MoneyLion's distribution network and embedded finance capabilities, and is expected to be accretive to MoneyLion's 2022 earnings.

Moneytree Software, an Accutech Systems Corporation company, has acquired eFinPlan, a financial-planning resource website that offers educational content and coaching for individuals preparing to work with advisors. The acquisition expands Moneytree's library of financial wellness resources to help advisors better educate clients and drive adoption of financial planning tools.

Transworld Systems Inc. (TSI) has completed its acquisition of EOS North America, a first- and third-party collections agency serving government, financial services, healthcare, telecom and utility clients. The deal expands TSI's first-party collections and customer care capabilities, adds the AffordaPay buy-now-pay-later healthcare solution, and gives TSI a foothold in the Canadian market; terms were not disclosed.

Finvasia Group has acquired ZuluTrade Group, the social trading platform, along with AAAFx (a HCMC-regulated broker). The deal expands Finvasia's fintech and financial services ecosystem and strengthens its retail and institutional trading offerings across Europe and globally.

Funds managed by Blackstone GP Stakes have acquired a minority ownership interest in Nautic Partners LLC, a Providence-based middle-market private equity firm. The investment creates a strategic partnership intended to provide Nautic with access to Blackstone’s resources as Nautic continues to deploy capital from its newly-closed $3.0 billion fund.

Hub International Limited acquired the assets of Basi Insurance Services, Inc., an Oakdale- and Manteca-based insurance agency specializing in agribusiness and farm insurance. The acquisition strengthens Hub's agribusiness and farm insurance capabilities in Northern and Central California; Randy Basi and his team will join Hub California and report to Michael Der Manouel. Terms were not disclosed and MarshBerry served as financial advisor to Basi Insurance Services.

SVB Financial Group acquired MoffettNathanson LLC, a New York–based independent sell‑side equity research firm, to expand SVB’s investment banking research coverage into technology and healthcare. The acquisition brings MoffettNathanson’s senior analysts and sector expertise into SVB Leerink’s platform, strengthening SVB’s capabilities for innovation‑economy clients.

Parthenon Capital Partners has agreed to acquire a majority stake in KBRA, the full-service global credit rating agency headquartered in New York. The investment will provide KBRA with capital and partnership to accelerate growth, expand its analytics and ratings capabilities, and support domestic and international expansion.

Prime Pensions LLC, a portfolio company of Mill Point Capital, has acquired Pension Planners Northwest, Inc., an Oregon-based retirement plan design, administration and consulting firm. The deal expands Prime Pensions' geographic footprint in the Northwestern U.S. and strengthens its retirement plan administration capabilities for small and medium-sized business clients.

MAI Capital Management has acquired Queens Oak Advisors, expanding MAI's presence in the Greater Charlotte, North Carolina region and adding roughly $558 million in assets under management. The acquisition brings Queens Oak’s financial planning, estate planning and asset management capabilities into MAI’s platform and moves key advisors (including Leila Evans and Deems May) into MAI leadership roles in Charlotte.

Hg has made a majority investment in Fonds Finanz, a Munich-based tech-enabled financial intermediary pool serving insurance brokers, distributors and banks across Germany. The partnership will fund further technology investment, capability expansion into additional customer segments and potential add-on acquisitions to broaden Fonds Finanz's service offering.

SS&C Technologies Holdings, Inc. has entered into a definitive agreement to acquire Hubwise Holdings Limited in an all-cash transaction. The deal adds a regulated U.K. B2B investment platform (58 employees, 51 customers) to SS&C's wealth and adviser solutions and is expected to close in 2022 subject to customary approvals.

Credible, the digital lending marketplace, has acquired Young Alfred, a digital insurance marketplace, to add personal lines property and casualty insurance to its platform. The acquisition integrates Young Alfred’s technology and carrier integrations into Credible’s marketplace, enabling consumers to compare and purchase home, auto, renters, pet and other insurance products alongside lending products.

Pivotal Growth, the joint venture between Pollen Street IV and LSL Property Services plc, has agreed terms to acquire Lifetime Finance Group Limited, a Glasgow-based mortgage broker with strengths in new-build, contractor and self-employed mortgages. The deal is the first bolt-on acquisition for the Pivotal Growth platform as it builds a UK-wide mortgage brokerage business; Lifetime's CEO Gordon Hunter will retain a minority investment.

U.S. Bancorp Asset Management, Inc., a subsidiary of U.S. Bank, has completed the acquisition of PFM Asset Management LLC. PFM will continue to operate as a separate registered investment advisor and more than 250 PFM employees have joined U.S. Bank, bolstering U.S. Bank’s institutional asset management capabilities, particularly in the public-sector market.

Cushman & Wakefield completed a $500 million strategic investment to acquire a 40% stake in Greystone’s Agency, FHA and Servicing businesses, forming a joint venture to provide integrated advisory and capital solutions. The partnership gives Cushman & Wakefield’s clients greater access to multifamily and healthcare financing products while providing Greystone capital to expand products and services.

United Bankshares, Inc. completed its acquisition of Community Bankers Trust Corporation, the parent company of Essex Bank, adding an organization with approximately $1.7 billion in assets and headquarters in the greater Richmond, Virginia region. The deal expands United’s Mid‑Atlantic footprint into additional Virginia and Maryland markets; former Community Bankers Trust President and CEO Rex L. Smith III was retained as a Regional President for the former Essex Bank locations.

Blackstone-managed entities purchased Allstate Life Insurance Company and certain subsidiaries for $2.8 billion; the business has been renamed Everlake Life Insurance Company. Domain Capital Advisors served as lead lender in a multi-lender syndicate providing and servicing the debt for the transaction. The seller was The Allstate Corporation, which divested the life and annuity business.

Regions Bank completed the acquisition of the lending and servicing segments of Sabal Capital Partners, integrating Sabal into its Real Estate Capital Markets division to expand agency multifamily and non‑agency lending and servicing capabilities. The deal excludes Sabal's investment management business, which remains with sellers including CEO Pat Jackson and funds managed by Stone Point Capital LLC.

Dutch challenger bank bunq has acquired Capitalflow, a privately held Irish SME lender, after Dutch central bank approval of a merger tied to a €193 million funding round with Pollen Street Capital that values bunq at €1.6 billion. The capital injection and acquisition are intended to fuel bunq's European expansion and add lending capabilities as the bank rolls out M&A as part of its growth strategy.

Mercer Global Advisors, Inc. (Mercer Advisors) has acquired Precipio Wealth Management LLC, a McLean, Virginia-based wealth management firm with approximately $250 million in assets under management serving clients in 19 states. The deal brings Precipio's team into Mercer Advisors as part of the founders' succession planning and expands Mercer’s presence in the Washington, D.C. / Mid-Atlantic region.

Republic, a U.S.-based private investment platform, has agreed to acquire London-headquartered Seedrs in a transaction valuing Seedrs at approximately $100 million (~£75 million). The deal is intended to create the first global private investment marketplace and accelerate Republic’s expansion into the UK and Europe; Davidson Kempner is participating as a shareholder through a purchase of Seedrs shares from several institutional holders.

CI Private Wealth, a division of CI Financial Corp., has acquired Matrix Capital Advisors, a Chicago-based registered investment advisor that manages approximately US$615 million in assets. The deal expands CI's U.S. wealth management footprint and adds high-net-worth client relationships and experienced advisory personnel to its CI Private Wealth platform; financial terms were not disclosed.

Fentura Financial, Inc., the holding company for The State Bank, completed its acquisition of Farmers State Bank of Munith, expanding The State Bank's branch network and market footprint. The transaction grows the combined company to roughly $1.4 billion in assets and increases branch offices to 20; Farmers' president Jeanne E. Richter will join The State Bank as a senior officer and systems integration is planned for Q1 2022.

STP Investment Services has acquired third-party fund administrator Tower Fund Services to expand its alternative asset fund administration capabilities and bring Tower clients onto STP's BluePrint technology platform. The transaction strengthens STP's alternative investing offering and aims to deliver enhanced operational technology and service to Tower's clients.

Creative Planning Inc., an independent Registered Investment Adviser based in Overland Park, Kansas, acquired Dashboard Wealth Advisors, a Chicago-area RIA founded by Scott Schuster in 2013 that managed more than $800 million in assets. The deal brings Dashboard’s clients and advisory team into Creative Planning’s platform and expands the firm’s presence in the Illinois / greater Chicago market.

Athene agreed to acquire a controlling stake in Aqua Finance, a Wisconsin-based consumer lending platform, from funds managed by Blackstone Tactical Opportunities at a valuation of approximately $1 billion. Apollo will manage the investment on behalf of Athene, while Blackstone will retain a minority stake; the investor group plans to support growth through technology investments and expanded origination capacity.

Columbia Financial, Inc. (Columbia Bank) received required regulatory approvals to acquire Freehold MHC, Freehold Bancorp and Freehold Bank. The transaction, announced Nov. 24, 2021, was expected to close on December 1, 2021 and aims to expand Columbia's New Jersey branch network and realize cost savings from the combination.

Wealthspire Advisors, an NFP company and independent registered investment adviser, signed a definitive agreement to acquire Private Ocean, LLC, a fiduciary wealth management firm with $2.7 billion in assets under management based in San Rafael, California (with offices in San Francisco and Seattle). The deal, which is expected to close in Q4 2021, expands Wealthspire's West Coast presence and contributes to its growing national RIA platform.

KeyBank National Association (KeyCorp) has acquired XUP Payments, a Charlotte-based B2B payments and Banking-as-a-Service platform. KeyBank will integrate XUP's onboarding, integrations, and payments technology to enhance its commercial payments capabilities and advance its embedded banking strategy.