Rosemont Investment Partners assumed a minority stake in Wilbanks Smith & Thomas Asset Management, said Rosemont spokeswoman Melinda Bugg.
Terms of the deal were not disclosed.
The sale of equity occurred solely between Rosemont and the former minority partner, which Ms. Bugg declined to identify. The transaction involves no other impact to equity ownership and does not affect the interests of Wayne F. Wilbanks, founding managing principal and chief investment officer, or other WST principals.
Rosemont Investment Partners is a specialist private equity firm focused exclusively on making investments in asset and wealth managers. WST is Rosemont’s 27th investment.
Founded in 1990, WST is a Norfolk, Va.-based money manager. Its in-house investment boutique, WST Capital Management, offers risk-managed exchange-traded fund portfolio strategies. It has more than $2 billion in assets under management.
Further information could not be learned by press time; Rosemont spokeswoman Genie Logue and WST spokeswoman Elizabeth Marchetti could not be immediately reached for comment.