RIA Waverly Advisors announced on Tuesday that it acquired the Promus Access and Promus Realty business lines, with approximately $3.1 billion in assets under management (AUM) as of June 30, from Chicago-based Promus Holdings and its subsidiaries.
The purchase provides Birmingham, Alabama-based Waverly with greater expertise in private equity and real estate, while strengthening its family office services for ultra-high net worth (UHNW) clients and widening its alternative investment services, the firm said.
As part of the strategic transaction, Promus Capital Management (PCM) was created as a new Waverly subsidiary, Waverly said.
“PCM will build on the acquired Promus Access and Promus Realty strategies, which include primary fund allocations, buyouts, and co-investments for private equity, and real estate general partner (“GP”) solutions and opportunistic joint ventures,” Waverly said.
The acquisition closed on Nov. 14 and increased Waverly’s AUM to about $29.5 billion, as of that date, it said.
Promus was founded in 2006 by brothers Brian and Zach Musso, who were later joined by Andy Code to establish a multi-family office in 2008.
At the time of the transaction, Promus was providing long-term legacy and multi-generational planning services to over 30 families, according to Waverly.
“Both Waverly and Promus were founded on principles that include stewardship, integrity, and the nurturing of long-term relationships,” according to Justin Russell, CEO and President of Waverly. “Together, we strengthen our ability to serve clients through expanded resources and a shared purpose.”
“Joining Waverly allows us to deliver even greater value to the families we serve,” Brian Musso, Co-Founder and Managing Partner of Promus, said in a news release. “Waverly’s scale and resources in financial, tax, and estate planning will complement our investment platform and enable us to continue providing personalized attention to our clients.”
“This partnership combines the unique strengths of both firms to create what we believe is a best-in-class alternatives platform across private equity, real estate, and private credit,” said Clay McDaniel, Chief Investment Officer at Waverly. “Together, we significantly expand our universe of opportunities, ensuring we deliver truly innovative and comprehensive solutions for our clients.”
The Promus acquisition is Waverly’s 28th transaction since accepting an equity investment in December 2021 from Wealth Partners Capital Group (WPCG) and HGGC’s Aspire Holdings platform, Waverly pointed out.
Those transactions included Waverly’s recent acquisition of Seattle-based Pacific Portfolio Consulting, a wealth management firm overseeing $5 billion in AUM, which represented Waverly’s entry into the Pacific Northwest and strengthened its capabilities in corporate retirement plans, it said last month. That deal was announced in November after closing Sept. 26.
The combination of Promus’ service offerings and Waverly’s platform “create a powerful partnership,” according to Mac Selverian, Partner at WPCG. “This transaction underscores the strength of Waverly’s intentional M&A strategy as the firm continues to build a unified platform, unlocking opportunity for both its clients and professionals.”
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
