Private-equity firm Oak Hill Capital is buying a stake in Mercer Advisors, a registered investment adviser with $16.5 billion assets under management, from current owners Genstar Capital and Lovell Minnick Partners.
When Genstar first invested in the firm in 2015, Mercer managed less than $5.8 billion. Under Genstar and Lovell Minnick's ownership, Mercer completed 23 acquisitions of other advisory firms, most recently a $300 million firm in Woodbridge, Conn.
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Genstar will be staying on as an investor and partner, Mercer CEO Dave Welling said in a statement.
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"Our future is even brighter with Oak Hill being added as a strategic investor," Mr. Welling added