- In conjunction with the transaction, the combined company will receive an investment from Corsair Capital
- The merger and investment is expected to be completed in November 2022
- Raymond James served as financial advisor to Miracle Mile and Karp Capital on the merger and investment while Ardea Partners LP and Waller Helms served as financial advisors to Corsair Capital
Investment advisors Miracle Mile Advisors and Karp Capital Management are planning to merge. When the deal closes, the newly combined company will have over $4 billion in assets under management serving clients from five main offices.
In conjunction with the transaction, the combined company will receive a significant investment from Corsair Capital. No financial terms were disclosed. The merger and investment is expected to be completed in November 2022.
Karp Capital is a wealth management firm based in the San Francisco Bay area, with over $1.2 billion in client assets. Peter Karp founded Karp Capital in 2004 as an independent alternative to larger brokerage firms.
“Miracle Mile and Karp Capital coming together is a unique partnership. We share a strong cultural alignment and dedication to providing clients with highly customized, fiduciary advice. Our focus on providing wealth management services to the automotive, RV, and powersports spaces complement Miracle Mile’s broad foundation in advanced financial planning and wealth advisory services,” said Karp in a statement
Miracle Mile is a wealth advisor headquartered in Los Angeles, with offices in New York, Chicago and Portland. It was founded in 2007.
Raymond James served as financial advisor to Miracle Mile and Karp Capital on the combination and recapitalization, Wilmer Cutler Pickering Hale and Dorr LLP served as legal counsel to Miracle Mile and Venable LLP served as legal counsel to Karp Capital.
Simpson Thacher & Bartlett LLP served as legal counsel and Ardea Partners LP and Waller Helms Advisors served as financial advisor to Corsair Capital.
Corsair invests in financial & business services and infrastructure. Corsair has invested $12 billion in capital across its global buyouts and infrastructure platforms since inception.