Overland Park, Kansas-based RIA Prime Capital Financial is entering the Atlanta metro market for the first time by acquiring Duluth, Georgia-based Sugarloaf Wealth Management, which was announced by the companies on Monday.
The deal, the first transaction to be announced by Prime Capital this year, will add almost $1 billion in combined assets under management (AUM) and assets under advisement (AUA) to Prime Capital when the transaction closes, which is expected in early March.
The acquisition will enhance Prime Capital’s capabilities, adding a team of 13 professionals, including eight advisors with the CFP designation.
Founded in 1989, RIA Sugarloaf also has an office in Athens, Georgia. It offers financial planning, investment management, risk management, retirement and tax strategies, insurance planning and charitable giving. The firm also offers specialized services for college and professional athletes and coaches.
“Prime Capital Financial actively seeks firms that share our dedication to providing tailored financial solutions and exceptional service,” according to Glenn Spencer, its CEO. “Sugarloaf’s rich history and specialized expertise make them an ideal partner. Together, we’re well-positioned to broaden our support to individuals and families across the Southeast region.”
Sugarloaf will use Prime Capital’s platform to support the client experience and provide individualized services to investors, the firms said.
“Becoming part of Prime Capital Financial allows us to build on the foundation we’ve spent decades creating while gaining access to enhanced resources and support,” said Jason Connolly, Managing Principal of Sugarloaf. “This collaboration positions us to offer even greater benefits to those we serve while remaining true to the principles that define Sugarloaf.”
“Sugarloaf will strengthen Prime Capital Financial’s presence in the Southeast and reinforce its position as a leading provider of full-spectrum financial planning solutions across the United States,” the firms said.
Prime Capital has 70 locations. Houlihan Lokey served as advisor for the deal.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
