Financial Services Acquisitions in 2023

Tangram Insurance Services, a national managing general agency and program manager, acquired Preferred Reinsurance Intermediaries effective December 31, 2023. The deal expands Tangram's capabilities into the reinsurance brokerage market and brings Preferred Re's reinsurance placement, specialty program development, and alternative risk capacity sourcing expertise into Tangram's platform; terms were not disclosed.

Fourshore Partners, a Miami-based private equity firm, has acquired Power Funding LTD, a Houston-based factoring company that provides working capital to oil & gas and trucking businesses. The deal positions Fourshore to invest in alternative banking solutions and accounts-receivable financing serving underserved transportation and energy middle-market firms.

An affiliate of Antarctica Capital has completed the acquisition of Midwest Holding Inc. (NASDAQ: MDWT), a technology-driven life and annuity platform headquartered in Lincoln, Nebraska. Midwest shareholders received $27.00 per share in cash, Midwest was delisted from Nasdaq, and Antarctica says Midwest will become a key component of its retirement services business while retaining current leadership and operations.

Genstar Capital has completed an equity reinvestment in Cetera Financial Group, reaffirming its position as Cetera's majority investor and providing fresh capital to support the company's next phase of growth. The transaction enables Cetera to pursue its Wealth Hub strategy, continue strategic M&A and recruiting, and expand advisor and management ownership programs.

Automic Group has completed a take-private acquisition of Advanced Share Registry (ASW), a Western Australian share registry business, bringing ASW's team and customers into Automic's cloud-native registry platform. The deal (announced via scheme implementation) was supported by advisors including Privatus Capital Partners, G+T and EY and is intended to expand Automic's registry capabilities and service reach in Western Australia.

J.C. Flowers & Co. has completed a $125 million all-primary equity investment (expandable to $165 million) for a minority stake in Capital Funding Bancorp, Inc., the holding company for Baltimore-based CFG Bank. The growth-capital investment will support CFG Bank’s expansion of its national healthcare and multifamily lending businesses and bolster the bank’s ongoing growth trajectory.

Wealth Enhancement Group, a national independent wealth management firm, has acquired Asset Management Resources, LLC, an independent RIA led by J. Christopher Boyd based in Hyannis, Massachusetts. The acquired team brings approximately $236 million in assets under management and will expand Wealth Enhancement Group's presence in Massachusetts to four offices.

An affiliate of Cerberus Capital Management has completed the acquisition of Spring EQ, a U.S. home equity lender. Spring EQ will join Cerberus' Residential Opportunities platform and continue to be led by founder and CEO Jerry Schiano, with Cerberus supporting technology investment, commercial growth, and operational initiatives.

Allworth Financial has acquired two California-based advisory firms — Silicon Valley Wealth Advisors (SVWA) of San Jose/Half Moon Bay and Hall Private Wealth Advisors (HPWA) of San Diego — adding over $650 million in client assets. The transactions expand Allworth's footprint in California and provide an exit/partnership path for the selling principals; terms were not disclosed.

Dort Financial Credit Union completed its acquisition of Flagler Bank (Flagler Bancshares Corporation) on December 14, 2023, adding four Florida branches and increasing Dort Financial's assets to over $2 billion. Dort Financial will operate in Florida as "Flagler Credit Union, a Division of Dort Financial," keeping the existing Flagler branches and converting members to Dort's systems to expand its geographic footprint and member services in Palm Beach and surrounding counties.

Edelman Financial Engines (EFE) has acquired New England Pension Plan Systems (NEPPS) and its affiliate New England Investment Consultants (NEIC), a Providence, Rhode Island–based retirement-plan consulting and RIA business that manages roughly $1.5 billion for more than 500 clients. The deal expands EFE's retirement-plan consulting capabilities and strengthens its presence in the Northeastern U.S., particularly among small and medium-size employer clients.

Webster Financial Corporation, through its principal bank subsidiary Webster Bank, N.A., signed a definitive agreement to acquire Ametros Financial Corp from funds managed by Long Ridge Equity Partners for $350 million in cash. The acquisition brings Ametros' $804 million in deposits under custody and over 24,000 members to Webster, enhancing the bank's healthcare financial services capabilities and providing a low-cost, long-duration deposit base.

Alera Group Retirement Plan Services, a division of Alera Group, has acquired Fraser Group, a retirement plan consulting practice led by industry veteran George Fraser. Fraser and his Scottsdale, Arizona–based team will join Benefit Commerce Group's retirement plan services division (an Alera Group company) to strengthen Alera's retirement plan capabilities; terms were not disclosed.

Singapore sovereign wealth fund GIC has agreed to acquire Cinven’s shareholding in Miller, making GIC the majority shareholder in the specialist insurance and reinsurance broker. Miller, headquartered in London with more than 900 employees and placing over $3.2bn of premiums annually, was previously acquired by Cinven and GIC from Willis Towers Watson in 2021; Cinven’s sale completes its exit.

Mercer Global Advisors (Mercer Advisors) has acquired Middleton Financial Management, LLC, doing business as Brighton Financial Planning, a fee-only RIA with approximately $90 million of AUM and operations in New Jersey and South Carolina. The deal brings Brighton's team and clients into Mercer’s national platform to provide scale, middle- and back-office support, and additional estate and tax services while allowing founder John P. Middleton to focus on client service.

Amynta Group has entered into a definitive agreement to acquire Sutton Special Risk Inc., a Toronto-based managing general underwriter (MGU) specializing in accident & health and specialty insurance products. The acquisition expands Amynta’s accident and health capabilities and accelerates its growth plans in the Canadian market; Greg Sutton will continue to lead Sutton following the transaction.

EasyKnock, a technology-enabled residential sale-leaseback platform, has acquired Balance Homes, a provider of home equity co-ownership solutions. The acquisition brings Balance Homes' co-ownership product, technology and team into EasyKnock to expand the company's suite of non-loan home equity solutions for U.S. homeowners; deal terms were not disclosed.

Alliant Insurance Services has acquired Newtown, Connecticut-based retirement plan designer and administrator FJC & Associates, adding the firm's team and third-party administration capabilities to Alliant’s Retirement Consulting group. The deal expands Alliant’s retirement consulting footprint in the Northeast and strengthens its TPA and plan-administration capabilities; terms were not disclosed.

Hub International Limited has acquired the assets of AFS 401(k) Retirement Services, LLC and AFS Financial Group, LLC, two Bethesda, Maryland-based retirement plan consulting and wealth management firms. The acquisition will expand Hub's Retirement and Private Wealth capabilities and integrate the AFS team into Hub's Mid-Atlantic practice; terms were not disclosed.

Marex has completed the acquisition of Cowen's prime brokerage and outsourced trading business, adding roughly 160 employees across eight global offices along with clearing counterparties and trading/reporting technologies. The business will join Marex Capital Markets and continue to be led by Jack Seibald and Mike Rosen as part of Marex's effort to expand its prime services, execution and multi-asset clearing capabilities globally.

Elite Consulting Partners acquired Advisor Successions, LLC and will merge it into its Elite Corporate Services division to form a new entity called Elite Advisor Successions. The new business will offer a platform and consulting services to match qualified buyers and sellers in the financial advisory space, with Advisor Successions CEO Garrett Taylor staying on as Chief Acquisition Officer.

Relation Insurance Services acquired the assets of Kane Insurance Agency, effective December 1, 2023. The deal expands Relation’s geographic footprint in Illinois and brings Kane’s risk-management expertise and local team (led by Tom Kane) into the Relation platform; terms were not disclosed.

Yieldstreet has entered a definitive agreement to acquire Cadre, a tech-driven commercial real-estate investment platform that serves institutional and high-net-worth investors. The acquisition brings Cadre's institutional client relationships, real-estate product capabilities and investment team into Yieldstreet to expand asset-class offerings and accelerate institutional distribution.

LCNB Corp. (the holding company for LCNB National Bank) agreed to acquire Eagle Financial Bancorp, Inc. (the holding company for EAGLE.bank) in a stock-and-cash merger that will expand LCNB's presence in the Cincinnati market. EFBI operates three full-service banking offices and reported $175.8 million in assets and $135.0 million in deposits as of September 30, 2023; the deal is expected to close in Q2 2024 and to be accretive to earnings with a tangible book value earn-back of approximately 2.1 years.

Xalles Holdings Inc. has completed a share exchange to acquire CashXAI Inc., making CashXAI a wholly owned subsidiary of Xalles Financial Services Inc. CashXAI operates a cash-to-digital network powered by self-service kiosks and a mobile app—with operations in the United States and Mexico and agreements to deploy kiosks in Soriana supermarkets across Mexico—expanding Xalles' fintech capabilities to serve underbanked consumers.

Cadex Solutions, a portfolio company of Trivest Partners, has acquired DAL, Inc., a Philadelphia-based commercial accounts receivable management and legal recovery firm founded in 1974. DAL will operate as a standalone brand within the Cadex family with Donna Daniels named President as founder Dominick Longhi retires; the deal expands Cadex’s order-to-cash and commercial collections capabilities across domestic and international markets.

Creative Planning, a leading independent Registered Investment Advisor headquartered in Overland Park, Kansas, has acquired Daniels + Tansey, a Wilmington, Delaware-based firm offering integrated financial advisory, tax services, and investment management. The acquisition expands Creative Planning's advisory and tax capabilities in the Delaware Valley and brings the Daniels + Tansey team into Creative Planning's national platform.

Cetera Holdings (the holding company of Cetera Financial Group) completed the acquisition of Avantax, Inc. for $26.00 per share in cash, taking Avantax private. The deal adds Avantax's tax-focused wealth management capabilities — including 3,111 financial professionals and approximately $82.3 billion in assets under administration — to Cetera's advisor platform and strengthens its tax-centric offering and multi-custodial capabilities.

FLJ Group Limited entered into an agreement to acquire all issued and outstanding shares of Alpha Mind Technology Limited for an aggregate purchase price of US$180 million, with the purchase funded by promissory notes due 90 days after closing. Alpha Mind operates a nationwide insurance agency in China and an insurance-technology business (including SaaS platforms and AI-driven underwriting support); upon closing it will become a wholly-owned subsidiary of FLJ.

Consello, through its Digital Assets division, announced a minority investment in TomorrowNext (TomNext), a London‑based platform that simplifies discovery, analysis and buy/sell execution of tokenized real‑world assets. As part of the investment, TomorrowNext founder Itay Tuchman will serve as a Senior Advisor to Consello Digital to help accelerate the company’s product and distribution in the tokenization market.

Wealth Enhancement Group acquired Adirondack Retirement Specialists, Inc., a hybrid RIA based in Queensbury, New York, bringing a team of two advisors and three support staff and approximately $272 million in client assets. The deal expands Wealth Enhancement Group's presence in the Northeast and adds retirement-focused advisory capabilities to its national wealth management platform.

Edelman Financial Engines (EFE) has acquired PRW Wealth Management, a Quincy, Massachusetts–based Registered Investment Advisor managing over $500 million in AUM for roughly 200 clients. The deal expands EFE’s wealth planning capabilities and local presence in the greater Boston area as part of the firm’s ongoing acquisition-driven growth strategy.

Tradeweb Markets Inc. has entered into a definitive agreement to acquire r8fin, a Chicago-based provider of algorithmic execution technology and a thin-client EMS for U.S. Treasuries and interest rate futures. The deal, expected to close in Q1 2024 subject to customary approvals, will augment Tradeweb's execution capabilities across cash and futures markets and is expected to be accretive to 2024 EPS.

Class Valuation, a national appraisal management company headquartered in Troy, Michigan, has acquired Valuation Connect, an appraisal management subsidiary of Mortgage Connect LP. The acquisition (a divestiture by Mortgage Connect) is intended to strengthen Class Valuation's appraisal capabilities, expand its retail presence, and accelerate development of appraisal technology and modernization products.

BitcoinIRA acquired crypto portfolio-management platform Shrimpy.io to integrate advanced trading, rebalancing and reporting features into its digital-asset IRA offering. The deal brings Shrimpy's founders and technology into BitcoinIRA to accelerate product capability expansion for retirement-focused crypto investors.

Prime Pensions, a portfolio company of Mill Point Capital, has acquired Pension Benefits Unlimited (PBU), a California-based provider of retirement plan design, administration and consulting services. The acquisition expands Prime Pensions' retirement services platform and strengthens its presence in the Western United States by adding PBU's expertise in third-party retirement plan compliance and administration for small and medium-sized businesses.

Amwins Group completed a $1.0 billion recapitalization in which Dragoneer Investment Group, Genstar Capital, SkyKnight Capital and participating employee shareholders purchased equity from more than 375 employee shareholders and the Public Sector Pension Investment Board (PSP). PSP rolled roughly 80% of its position forward and the Amwins employee shareholder group will remain the largest single owner with approximately 40% ownership, providing liquidity while preserving long-term employee ownership.

Fintel, the UK fintech and support services group that owns SimplyBiz and Defaqto, has acquired VouchedFor, a leading UK review site for professional advisers, for £7.5m via its Fintel IQ platform. VouchedFor will retain its leadership team and operate alongside Fintel to expand its services to advisers and increase consumer trust in financial advice.

Janney Montgomery Scott LLC has agreed to acquire TM Capital, a middle-market investment bank with offices in Atlanta, Boston, and New York City. The deal expands Janney's Capital Markets Group by adding M&A advisory expertise across business services, industrials, healthcare, and consumer sectors; the acquisition is expected to close by year-end subject to regulatory approval.

Wealth Enhancement Group, a national independent wealth management firm, announced the acquisition of Retirement Advisory Group, a hybrid RIA based in Eden Prairie, Minnesota, bringing roughly $150 million in client assets and a five-person team into Wealth Enhancement's platform. The deal expands Wealth Enhancement Group's Twin Cities presence and increases its assets under management.

Goldman Sachs Asset Management has entered into a definitive agreement to acquire DOXA Insurance Holdings, a Fort Wayne-based specialty insurance distribution and underwriting platform. The investment will support DOXA's organic growth and acquisition strategy; DOXA's management and employee shareholders will remain significant investors alongside Goldman Sachs.

Hub International Limited has acquired the assets of Renaissance Benefit Advisors Group, LLC, a retirement plan consulting and institutional investment advisory firm. The RBA founder Ellen Lander and her team will join Hub Mid-Atlantic as Hub expands its retirement consulting capabilities and presence in the Northeast.

Futura Title & Escrow, a JM Family Enterprises company headquartered in Boise, Idaho, has acquired Momentum Title Agency, a Jeffersonville, Indiana-based provider of title examinations and residential and commercial closing services. Angle Advisors served as exclusive investment banking advisor to Momentum; the founders Mike (James Michael) and Laurie Kemp are exiting as part of the transaction, and Momentum's ~28 associates will join the Futura family.

Mercer Global Advisors, Inc. (Mercer Advisors), a PE-backed national RIA headquartered in Denver, acquired Singh Advisory, LLC, a Denver-based wealth management firm led by Parshad K. Singh. Singh Advisory brings approximately $60 million of AUM and a small advisor team into Mercer as an add-on to expand Mercer's Colorado presence and advisor footprint.

The McGowan Companies acquired certain assets of Protexure Insurance Agency, Inc., a national program manager specializing in professional liability insurance for lawyers and accountants, in an asset purchase effective November 1, 2023. Protexure's staff will remain in place under leader Kyle Nieman as McGowan adds Protexure's products and capabilities to support its national growth strategy.

Accurate Group has acquired Voxtur Appraisal Services, LLC to expand its valuation and appraisal management capabilities. Voxtur Appraisal Services will operate as a standalone division within Accurate Group, retaining its leadership and team to strengthen services for mortgage lenders, default servicers and capital market clients.

Achieva Credit Union, through its credit union service organization Achieva Insurance Agency, has acquired Cannella Insurance Services, an independent insurance agency based in Tampa, Florida. Capstone Strategic advised Achieva on the transaction; Cannella founder Joe Cannella will serve as Director of the newly named Achieva Insurance Agency, LLC.

Creative Planning has acquired Mesirow Financial's corporate retirement advisory services team, bringing a team that serves over 350 retirement plans with approximately $13 billion in assets under advisement. The move expands Creative Planning's Retirement Services capabilities and scale, integrating experienced retirement specialists into its platform.

Mercer Global Advisors acquired Kingfisher Capital, LLC, a Charlotte-based wealth management and family office-style advisory firm that manages roughly $630 million in client assets across about 210 clients. The deal expands Mercer's presence in the South/Southeast and brings Kingfisher's founders and team into Mercer’s national RIA platform, which is majority-owned by Oak Hill Capital and Genstar Capital.

Pritzker Private Capital has completed a minority investment in Lawley, an independent insurance broker and employee benefits firm headquartered in Buffalo, New York. The investment will support Lawley's expansion into new markets, scaling of service offerings and potential strategic acquisitions; Lawley's current owners and management (including Bill Lawley, Jr., Chris Ross and Michael Lawley) will remain majority owners and continue to lead the business.