Merit Financial Group, an Alpharetta, Ga.-based hybrid registered investment adviser, entered into a strategic partnership to help drive the firm's acquisition efforts and organic growth, it said Monday in a news release.
Merit received an investment from financial-services holding company Wealth Partners Capital Group, Palm Beach, Fla., and a group of supporting investors led by HGGC, a middle-market private equity firm based in Palo Santo, Calif., the news release said.
The investment sum was not disclosed, a Merit spokeswoman said in an email.
"Merit partnered with (Wealth Partners Capital Group) in December 2020 to accelerate the firm's growth and help it achieve its objective of expanding its geographic reach, adding in-house expertise and supporting a larger group of advisers," the spokeswoman said. "WPCG and HGGC together hold a minority, non-controlling interest in Merit."
The transaction closed Dec. 31, the spokeswoman said, adding that "Merit provides coaching and support for its partners, as well as operational, administrative, investment management, financial planning, and technological resources."
HGGC has more than $5.4 billion in cumulative capital commitments and has completed investments with an aggregate transaction value of over $27 billion, the news release said.
Merit was advised by the asset and wealth management investment banking group of Raymond James Financial, and Truist Securities served as adviser to WPCG and HGGC.