PE-backed Waverly strengthens Ohio presence with $900M Buckingham acquisition

Waverly Advisors is building on its acquisition momentum in Ohio as it integrates a firm with nearly a billion dollars in assets into its network.

On Tuesday, the fee-only RIA giant announced its acquisition of Buckingham Advisors, an investment advisory firm headquartered in Dayton, Ohio.

Buckingham Advisors – not to be confused with Buckingham Strategic Wealth, a major RIA within the Focus Financial network – was founded in 1987 by Jay Buckingham. Over the years, it has established a loyal client base of high-net-worth families and business owners by providing a combination of tax-focused financial planning and investment management.

The Buckingham deal marks Waverly’s second Ohio-based acquisition in as many months, following its October deal for 9258 Wealth Management, while extending Waverly’s footprint to seven locations across the state.

The acquisition will bring Buckingham’s team of 38 professionals into Waverly, along with approximately $900 million in assets under management. Jay Buckingham will step into the role of regional director at Waverly, alongside Jeff Groezinger, who will serve as managing director of the newly created Waverly Business Services.

“Partnering with Buckingham means that Waverly gains a robust tax preparation and planning service line that will enhance our ability to serve our high-net-worth clients,” Justin Russell, president of Waverly, said in a statement announcing the news. “Jay has built a team of talented professionals, and we are thrilled to welcome them to Waverly.”

Buckingham echoed this sentiment, emphasizing the client-focused benefits of the acquisition. “By joining Waverly our firm gains significant resources and infrastructure which will allow our team to concentrate on what matters most, our clients,” he said.

This transaction represents Waverly’s 19th acquisition since receiving an equity investment from Wealth Partners Capital Group and HGGC’s Aspire Holdings platform in 2021, and brings its total assets under management to $15.5 billion.

The PE-backed RIA's recent frenzied pace of dealmaking earned it an honorable mention in a recent data release by DeVoe & Company, which said its three-deal burst last month made it a standout even amid an "October surprise" in RIA mergers and acquisitions.