Republic Capital Group, an investment banking firm specializing in the RIA, asset and wealth management, and securities-related industries, acknowledges its client, Parallel Advisors, on its acquisition of AUTUS Asset Management and substantial investment from Golden Gate Capital, a private equity investment firm.
In connection with the Golden Gate Capital investment and AUTUS transaction, Emigrant Partners – previously a minority investor in both Parallel and AUTUS – has “fully exited its position in the combined company.”
Republic Capital Group acted “as AUTUS Asset Management’s exclusive advisor in its transaction with Parallel Advisors.” Republic subsequently “represented the combined firm in sourcing and securing its new capital partner, Golden Gate Capital.”
Financial terms of the Golden Gate Capital investment and AUTUS transaction “are not being disclosed.”
CJ Rendic, CEO Parallel, said:
“There are very few investment banking firms that could pull off such a complex transaction.”
With the acquisition of AUTUS, Parallel “has approximately $5.7 billion in AUM[1] and more than 90 professionals.”
Founded in 2006, Parallel “serves high-net-worth individuals and pension/profit sharing plans across advisory, wealth planning, operations, and investment teams.”
Parallel deploys “a holistic wealth management approach and team-oriented services platform focusing on client experience, including financial and estate planning, investment portfolio management, and active asset allocation.”
Golden Gate Capital’s strategic investment “will accelerate Parallel’s M&A strategy and organic growth opportunities, including continuing to build out the firm’s best-in-class team, led by CEO C.J. Rendic.”
AUTUS Asset Management, LLC is “a boutique asset management firm dedicated to providing innovative portfolio management solutions.”
Based in Scottsdale, AZ, AUTUS “has approximately $900 million in AUM and provides personalized wealth management services to high-net-worth individuals, families, and endowments.”
John Langston, Founder and Managing Partner of Republic Capital Group, said:
“Parallel Advisors, AUTUS Asset Management, and Golden Gate Capital are all excellent firms. Having the opportunity to bring the three of them together was exciting and we appreciate their partnership and trust throughout this process. This transaction is emblematic of the work we strive to achieve for clients and Parallel and AUTUS’ excellence made this outcome possible.
C.J. Rendic, CEO of Parallel Advisors, remarked:
“Working with the Republic Capital Team was nothing short of remarkable. There are very few investment banking firms that could pull off such a complex transaction in this dynamic environment. We are honored to be clients and look forward to completing additional M&A deals with John and his team in the future.”
Mark Fiedler, Managing Partner of AUTUS Asset Management, stated:
“Working with John and his team at Republic has been amazing. Their deep understanding of the industry and their ability to find solutions that work for all the parties involved is what helped get our deal done. It is obvious that the RCG team truly cares about their clients and they worked hard to make sure we were represented well throughout the entire process.”
Republic Capital Group, LLC “served as financial advisor to Parallel,” AUTUS and Emigrant. Paul, Weiss, Rifkind, Wharton & Garrison LLP “served as legal advisor to Golden Gate Capital.”
Alston & Bird LLP “served as legal advisor to Parallel.” RiezmanBerger, P.C. “served as legal advisor to AUTUS.”
