On September 16, 2022, Miracle Mile Advisors and Karp Capital Management announced a plan to merge.
Under the terms of the transaction, Miracle Mile Advisors (“Miracle Mile”) will merge with Karp Capital Management (“Karp”). The private equity firm Corsair Capital plans to make a significant investment in the new, combined entity. The transaction is expected to close in November of this year. Financial terms were not disclosed.
Miracle Mile, based in Los Angeles, is a registered investment advisor with approximately $2.8 billion in client assets under management. Miracle Mile serves individuals, families, business owners and institutions.
Karp, based in the San Francisco Bay area, is a wealth management firm serving business owners in the automotive sector and other high-net-worth clients. Karp manages over $1.2 billion in client assets. Both Miracle Mile and Karp received financial advice on the transaction from the asset & wealth management investment banking team of Raymond James.
To read the press release, please click here.