Mercer Advisors Inc., backed by Genstar Capital, is continuing its acquisition spree with the purchase of investment advisory firm Duckworth Wealth Advisors Inc. for an undisclosed amount. This transaction marks as the buyer’s sixth completed acquisition within the last year.
Duckworth Wealth Advisors is a family office that offers a variety of financial services, including: investment management, financial planning, estate and tax planning, and corporate trustee services. The Newport Beach, California-based firm was founded by public accountant Michael Duckworth and manages nearly $160 million in client assets.
The acquisition of Duckworth Wealth Advisors expands Mercer’s geographic footprint into Southern California, and increases the firm’s portfolio to more than $9.6 billion assets under management. Mercer, backed by Genstar Capital in 2015, is a registered investment advisory (RIA) and total wealth management firm headquartered in Santa Barbara, California. Since Genstar Capital’s backing, Mercer merged with Kanaly Trust in 2015 and most recently acquired Novos Planning Associates Inc. in January. Novos is a New York-based RIA with more than $100 million in assets under management. Genstar targets the industrial technology, software, financial services and health care industries.
There have been several deals for wealth management companies across the middle market. In fact, New York investment bank Loeb Partners announced a strategic alliance with London-based Spencer House Partners LLP, to focus solely on deal activity in the asset management space. Other deals within the sector include: the Colony Group’s acquisition of CapGroup Advisors, a consulting firm with $1.2 billion in assets under management; and Lucia Capital Group’s investment in West Coast Asset Management.