Financial Services Acquisitions in North Carolina

Prime Capital Financial has acquired Bradshaw Rogers Financial Partners, a Salisbury, North Carolina-based wealth management firm with roughly $600 million in assets under management. The seven-person Bradshaw Rogers team — including founders Trent Bradshaw and Brandon Rogers — will join Prime Capital as partners, strengthening Prime Capital's planning-first and tax-integrated offering and expanding its footprint in the Carolinas.

American Bancorp Inc., parent of American Pride Bank, completed a stock-for-stock merger with New Republic Partners Inc., the parent company of Charlotte-based New Republic Bank. The deal makes New Republic Bank a sister bank to American Pride Bank and expands American Bancorp's presence across the Southeast, bringing the combined company to roughly $900 million in assets.

Main Street Capital Corporation invested $14.0 million in a minority recapitalization of The Financial Risk Group, LLC (FRG), funding the transaction with a combination of first lien senior secured term debt and a direct equity investment. FRG, headquartered in Cary, North Carolina, is a technology-enabled risk management firm that provides risk analytics, data management consulting, software implementation and cloud-based hosting services to financial institutions, insurers and other commercial customers.

BharCap Partners made a strategic recapitalization investment in GCG Advisory Partners, the parent of GCG Wealth Management, with GCG management rolling over significant equity. The transaction provides capital to accelerate GCG's M&A-driven acquisition strategy and Monetize & Scale platform; prior investor LNC Partners exited its investment.

OneDigital Investment Advisors LLC, a subsidiary of OneDigital, has acquired the wealth management practice of Chuck Furr, a Greensboro-based advisory team. The deal expands OneDigital’s Financial Services capabilities and strengthens its presence in the South (Carolinas) by adding experienced advisors and retirement plan expertise to its national platform.

Simplicity Group Holdings has acquired PlanScope360, a Durham, North Carolina-based plan governance and administration platform focused on the K-12 market. The move expands Simplicity’s product and technology capabilities to better serve school districts and K-12 educators with retirement plan oversight, participant engagement and related services.

Simplicity Group Holdings has acquired Verity Asset Management, a Durham, North Carolina-based registered investment adviser founded in 1996. Verity's leadership team will join Simplicity as partners as the firm integrates Verity's wealth management and 403(b) practice to expand Simplicity's client base and service offerings.

Blue Ridge Associates has acquired Qualified Retirement Plan Services, Inc. (QRPS), a Raleigh-based third-party administrator of qualified retirement plans. The acquisition expands Blue Ridge's administration, compliance and recordkeeping capabilities in the 401(k) & pension space while providing a succession path for QRPS leadership.

Cerity Partners has merged with Raleigh-based Cook Wealth, expanding its integrated wealth advisory services into North Carolina. The deal brings 27 Cook Wealth colleagues into Cerity Partners and enhances the firm's capabilities in financial planning, investment management, and tax planning.

Equiniti Trust Company, LLC (EQ) has acquired the corporate compliance division of ACCESS Newswire Inc., including substantially all assets of Direct Transfer LLC (the stock transfer agent brand). The acquisition adds EDGAR filing capabilities and iProxy Direct proxy management tools to EQ's shareholder services suite, expanding its transfer agent and compliance offerings.

Mercer Global Advisors, Inc. (Mercer Advisors) has acquired Kiely Wealth Advisory Group (KWAG), a North Carolina-based registered investment adviser with $523 million in assets under management and 530+ clients. The deal expands Mercer’s presence in North Carolina and gives KWAG clients access to Mercer’s broader suite of wealth, estate, tax and insurance planning services. Cambridge International Partners served as exclusive financial advisor to KWAG.

Definiti, a national third-party retirement plan administrator, has acquired Cary, North Carolina–based Retirement Plan Solutions, Inc. (RPSI). The deal closed on September 9, 2024; RPSI’s entire administrative team joined Definiti to enhance service capabilities and accelerate growth across the combined organization.

Capstack Technologies has acquired Edge Tradeworks to combine whole-loan trading and loan participation capabilities into a single platform, expanding liquidity and analytics for banks, credit unions and other financial institutions. Edge's founders and CTO will join Capstack's leadership team as the companies integrate their trading and analytics capabilities.

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.

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.

American Hardware & Lumber Insurance Agency, Inc. (AHLI) agreed to acquire the assets of Neumann Insurance Services Agency, LLC effective June 30, 2023. The transaction brings Scott Neumann and his team — including theWCmarketplace business — into AHLI and is intended to expand AHLI's geographic footprint and product capabilities for trade contractors and main street businesses.

Funds managed by Stone Point Capital, with co-investors including Mubadala Investment Company and other unnamed investors, acquired a 20% minority stake in Truist Insurance Holdings from Truist Financial Corporation for $1.95 billion, implying an aggregate valuation of $14.75 billion. Truist retains an 80% majority stake; the partnership is intended to provide growth capital and industry expertise to support future growth and consolidation of the insurance business.

SoFi Technologies, Inc. completed an all-cash acquisition of Wyndham Capital Mortgage to scale its mortgage business by integrating Wyndham's talent and digital mortgage platform. The deal is intended to broaden SoFi's mortgage product suite, improve unit economics and reduce reliance on third-party partners, and is expected to be accretive within six months.

Lovell Minnick Partners (LMP) has signed a definitive agreement to acquire a majority stake in Definiti LLC, a national retirement services third‑party administrator. The investment will support Definiti's investments in client service, technology and talent and enable continued organic growth and an aggressive add‑on acquisition strategy; terms were not disclosed.

Prime Capital Investment Advisors (PCIA) has partnered with and effectively acquired Earth Equity Advisors, adding approximately $151 million in AUM and bringing Earth Equity CEO Peter Krull and his team into PCIA. The move expands PCIA’s sustainable, responsible, and impact investing (SRI) capabilities and broadens its national footprint, while Earth Equity will continue to direct SRI strategies within PCIA.

AssetMark Financial Holdings, Inc. completed its acquisition of Adhesion Wealth, a provider of wealth-management technology and outsourced investment solutions for RIAs, TAMPs and asset managers. AssetMark paid $46 million (plus transaction costs and contingent payments) for Adhesion, which had $7.3 billion in total billable assets as of November 30, 2022; Adhesion will continue to operate commercially as a standalone business under its brand.

Ty J. Young Wealth Management acquired the insurance and wealth advisory practice of Michael R. Martin in Reidsville, North Carolina, in a deal that closed in November 2022. The acquisition brings Mr. Martin's clients into Ty J. Young's platform as the advisor retires and expands the firm's presence in North Carolina.

ZEDRA has completed the acquisition of Atlas Fund Services, a privately held fund administrator with offices in Charlotte, North Carolina and Willemstad, Curaçao. The deal expands ZEDRA's fund administration capabilities and establishes a US and strengthened Latin American presence for the firm's fund services business.

Ty J. Young Wealth Management, an Atlanta-based independent wealth management firm, has acquired Charlotte Financial Services, LLC of Matthews, North Carolina. The deal — closed in November 2022 — transfers the practice and client relationships of CEO John Kastraba, Sr to Ty J. Young as part of Kastraba's retirement and expands Ty J. Young's national footprint.

Integrity Marketing Group (Integrity) has acquired Elevation Sales Coaching, a Wake Forest, North Carolina-based sales coaching and insurance agency focused on the senior market. As part of the deal, Elevation President Jordan Smith becomes a Managing Partner at Integrity; financial terms were not disclosed.

The Vistria Group has invested in Flores & Associates LLC, a Charlotte-based administrator of employer-sponsored reimbursement plans and benefits technology solutions. As part of the recapitalization, The Vistria Group and Century Equity Partners will each hold equal ownership and continue to support the existing management team, providing capital and operational resources to drive organic growth and further M&A.

Sesami Cash Management Technologies has acquired ARCA, a global manufacturer of teller cash recyclers and cash automation solutions. The deal broadens Sesami's device portfolio, deepens in-house R&D and manufacturing capabilities, and expands its global footprint and client base for financial institutions and retail customers.

Mercer Global Advisors (Mercer Advisors), a Denver-based national RIA majority owned by Oak Hill Capital and Genstar Capital, has acquired Starks Financial Group, a women-founded financial planning and wealth management firm in Asheville, North Carolina with approximately $250 million AUM. The deal expands Mercer’s Southeast presence, adds talent and client relationships, and provides a succession path for Starks’ founders.

Hub International Limited has acquired Williford Insurance Group, an independent employee benefits agency headquartered in Greensboro, North Carolina. The Williford team, led by founder Kevin Williford, will join Hub Carolinas to deepen Hub's employee benefits capabilities and expand its footprint in the region; terms were not disclosed.

Mercer Advisors (Mercer Global Advisors, Inc.) has acquired Wrenn Financial Strategies, a Raleigh, North Carolina-based wealth management firm with approximately $238 million in AUM serving over 150 clients. The deal brings Wrenn's advisory team into Mercer as part of the founders' succession/transition plan and expands Mercer's presence in the Carolinas.

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.

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.

Victory Capital Holdings, Inc. entered into a definitive agreement to acquire 100% of WestEnd Advisors, LLC, a Charlotte-based asset manager that provides ETF-based model allocation strategies and separately managed accounts with approximately $18 billion in assets. The deal was announced November 4, 2021 (upfront consideration of $480 million plus deferred earnouts) and the acquisition closed on December 31, 2021.

Subsidiaries of Global Atlantic Financial Group have made a strategic investment to become the majority owner of eRESI Mortgage (now operating as eRESI Capital LLC). The partnership will provide capital to accelerate eRESI's growth and expand its non‑agency residential whole‑loan and Non‑QM product capabilities for mortgage banking partners.

Aspida Holdings Ltd., an indirect subsidiary of Ares Management Corporation, has closed the acquisition of Global Bankers Insurance Group, LLC and will rebrand the business as Aspida Financial Services, LLC. The deal brings a team of over 100 insurance professionals and an operations and technology platform to support Aspida's nationwide life and annuity platform and its plans to begin issuing annuities in 2022.

Corbel Capital Partners and FXFY (Forexify) closed a structured growth investment into Advanced Markets Holdings, LLC, joining existing shareholders Macquarie Group and GFI Group LLC, which reduced their stakes to accommodate the new investors. Advanced Markets, headquartered in Charlotte, North Carolina, is a prime-of-prime broker providing technology access, trade execution and prime brokerage solutions (including spot FX and CFDs) to banks, hedge funds and other institutional clients worldwide.

Hub International Limited has acquired the assets of Garnett Retirement Group Inc., a North Carolina-based retirement plan consulting and investment advisory firm that manages $220 million in assets. The Garnett team, led by founder Blanton Garnett, will join Hub Retirement and Private Wealth to strengthen Hub's retirement and wealth management capabilities, particularly its work with medical practices and plan sponsors in the Southeast United States.

Fourshore Partners, a Miami-based private equity firm, has acquired North State Acceptance (NSA), a Raleigh-headquartered specialty finance company that purchases and services retail installment contracts from independent auto dealerships. NSA operates 12 branch locations across the Southeast and Mid‑Atlantic and was sold with Pine Tree Equity Partners represented as the seller; financial terms were not disclosed.

CAPTRUST Financial Advisors has added Wilmington, North Carolina-based Fountain Financial Associates to its wealth management practice. The 10-person team, including five advisors, joins CAPTRUST and brings approximately $654 million in assets under management, expanding CAPTRUST's presence in North Carolina.

Mitsui & Co. (U.S.A.), Inc. acquired a minority, non-controlling interest in the management firm of Capitala Group in a strategic partnership announced October 28, 2019. Terms were not disclosed; Capitala's existing management team remains in place while Mitsui USA brings global reach and access to Asian markets to support Capitala's growth and capabilities.

Ally Financial has completed the acquisition of Health Credit Services (HCS), a Charlotte-based, technology-driven patient financing company that partners with medical providers to offer point-of-sale financing for procedures not covered by insurance. HCS, an FTV Capital portfolio company with approximately 85 employees, will operate as an indirect subsidiary of Ally Bank with its existing management team remaining in place.