On October 3, 2012, Spruce Private Investor announced that asset management investment firm Estancia Capital Management had acquired a minority interest in Spruce for an undisclosed amount.
On October 3, 2012, Spruce Private Investors, LLC announced that Estancia Capital Management, LLC had acquired a non-controlling minority interest in Spruce. Spruce is a wealth management firm that serves as an outsourced Chief Investment Officer and advisor for family offices, foundations, and endowments. Estancia is a private equity firm focused on the asset management industry. Spruce will reinvest the proceeds of the investment into the firm. Spruce is also expanding equity ownership to a number of key employees. Spruce will continue to operate independently under its existing management team. The terms of the deal were not disclosed.
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