On November 18, 2021, Warren Averett Asset Management announced a definitive agreement to form a strategic partnership with Wealth Partners Capital Group.
Under the terms of the transaction, Wealth Partners Capital Group (“WPCG”) and HGGC made a strategic investment in Warren Averett Asset Management (“WAAM”). The transaction, subject to customary closing conditions, is expected to close in the fourth quarter of 2021. Further terms were not disclosed.
WAAM, based in Birmingham, Alabama, is a registered investment adviser providing wealth management services to high-net-worth clients, as well as retirement plans and institutional clients. WAAM has over $4 billion in assets under management. Berkshire Global Advisors, LP served as financial advisor to WAAM on the deal.
WPCG, based in Palm Beach, Florida is a financial services holding company providing capital and strategic support to its partner registered investment advisors.
HGGC, based in Palo Alto, California, is middle-market investment firm with approximately $5.6 billion in cumulative capital commitments.
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