Private equity firm Great Hill Partners took a minority stake in Santa Barbara, California-based RIA Mission Wealth, the firms announced Thursday.
The investment coincides with Mission Wealth’s 25th anniversary and will “fuel” the RIA’s organic growth, “enhance its client service offering, and support the firm’s national expansion plans,” the firms said.
Mission Wealth remains independent and majority-owned by its employees.
The RIA was founded in 2000 and provides financial planning, investment management, estate planning, tax planning, retirement planning, asset protection, charitable giving and support for personal life goals to more than 4,100 high net worth clients.
“As we celebrate our silver anniversary, we are thrilled to welcome Great Hill as a key partner in our mission to help our clients realize true wealth,” Matthew Adams, CEO of Mission Wealth, said in a news release.
“This partnership brings vital resources and additional intellectual capital to our firm, enabling us to serve clients in new ways, accelerate our organic growth initiatives, bolster our mergers and integrations team, and further invest in our technology stack,” he said.
Adams added, “Great Hill’s partnership is a strong endorsement of our business model, culture, and team, and their track record of collaborating with founders and management teams will be instrumental in driving our ambitious growth trajectory.”
As part of the transaction, Matthew Vettel, Managing Director of Great Hill, is joining the Mission Wealth Board of Directors.
“We are excited to embark on this journey with Mission Wealth,” said Vettel. “They have an exceptional leadership team, strong culture and a comprehensive platform to support their advisors and clients. We look forward to supporting their strategy to expand both organically and through strategic mergers, while helping them build on their legacy of excellence.”
Seward & Kissel acted as legal counsel to Mission Wealth. Ardea Partners served as exclusive financial advisor to Great Hill, and Goodwin Procter served as its legal counsel.
With offices in Boston and London, Great Hill has raised more than $12 billion of commitments and invested in over 100 companies, it says.
Mission Wealth has over 35 offices and manages more than $10.6 billion in assets under management.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
