Waverly Boosts Ohio Presence with $900M Buckingham Deal
Deal News | Nov 12, 2024 | EIN
Waverly Advisors, a fee-only registered investment advisor (RIA), has announced the acquisition of Buckingham Advisors, based in Dayton, Ohio. This acquisition marks Waverly's second within Ohio in recent months, further expanding its presence in the state to a total of seven locations. Buckingham Advisors was established in 1987 by Jay Buckingham, who has cultivated a loyal client base by emphasizing tax-focused financial planning and investment management. Through this deal, Waverly will incorporate Buckingham's team of 38 professionals and $900 million in assets under management into its operations. Jay Buckingham will become a regional director at Waverly while Jeff Groezinger will take on the role of managing director of Waverly Business Services. The acquisition is Waverly's 19th since its partnership with Wealth Partners Capital Group and HGGC's Aspire Holdings platform in 2021. This expansion brings Waverly's total assets under management to $15.5 billion. Both Waverly and Buckingham anticipate enhancing their ability to serve high-net-worth clients with comprehensive tax preparation and planning services.
Sectors
- Investment Management
- Financial Services
Geography
- Ohio, USA – The acquisition expands Waverly's presence in Ohio to a total of seven locations, demonstrating a strategic focus on this region.
Industry
- Investment Management – The acquisition involves investment advisory firms, focusing on financial planning, investment management, and advisory services.
- Financial Services – The transaction enriches Waverly's offerings with tax preparation and planning services as part of its broader financial service portfolio.
Financials
- $900 million – Assets under management being acquired with Buckingham Advisors.
- $15.5 billion – Waverly's total assets under management following the acquisition.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Waverly Advisors | Acquirer | Company | A fee-only registered investment advisor focusing on high-net-worth clients. |
| Buckingham Advisors | Target Company | Company | An investment advisory firm based in Dayton, Ohio, specializing in tax-focused financial planning. |
| Wealth Partners Capital Group | Investor | Company | Provided equity investment to Waverly Advisors in support of its acquisition strategy. |
| HGGC's Aspire Holdings | Platform/Investor | Company | Invested in Waverly Advisors to facilitate expansion and acquisition plans. |
| Jay Buckingham | Regional Director | Person | Founder of Buckingham Advisors, transitioning to a leadership role at Waverly. |
| Jeff Groezinger | Managing Director of Waverly Business Services | Person | Will oversee a new business services division at Waverly. |