Prime Capital Investment Advisors has acquired Earth Equity Advisors, a registered investment advisor that specializes in sustainable investing, the firms announced Thursday.
The deal gives Prime Capital an injection of $151 million in assets under management and a practice focused on sustainable, responsible and impact investing, the companies stated.
Prime Capital, a wealth management firm based in Overland Park, Kansas, oversees $22 billion in assets.
Earth Equity, which is based in Asheville, North Carolina, specializes in fossil-fuel-free portfolios that include investments in clean energy, transportation, real estate and food companies. The advisor, a certified B Corporation, was founded in 2004.
The acquisition will add 275 household clients to Prime Capital, according to the announcement.
Earth Equity CEO Peter Krull is joining Prime Capital as partner and director of sustainable investing. The Earth Equity team members joining Prime Capital include three financial advisors and a client service associate.
Earth Equity will retain its brand name but will add "a Prime Capital Investment Advisors Company" to it.
The deal is the second that Prime Capital has announced so far in 2023. On Monday, it disclosed its acquisition of Pasadena, California-based Stonnington Group, which manages $575 million for 275 clients.
The mega-RIA with roughly $160 billion in client assets remains firmly in acquisition mode amid rumors of private equity giants vying to scoop it up.
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