Oak Hill Capital and Genstar-backed Mercer Global Advisors acquired ClearRock Capital, a wealth manager based in Sun Valley, Idaho and San Francisco. ClearRock works with about 250 households with more than $660 million in assets.
Mercer Global Advisors, Inc. (“Mercer Advisors”), a national Registered Investment Adviser (RIA), today announced the acquisition of ClearRock Capital, LLC (“ClearRock”), a respected wealth management firm with its headquarters in Sun Valley, Idaho, and a second location in San Francisco, California. ClearRock serves approximately 250 households with over $660 million in assets. Mark Eshman, Co-founder, Chairman and CIO, and James Everitt, Co-founder, President and CCO, founded ClearRock in 2007 delivering full-service wealth management to their high net worth (HNW) clientele. Mark and James (“Jamie”) will be joining Mercer Advisors along with their eight staff members.
ClearRock is a holistic wealth management firm who not only provides financial services to their high net worth (“HNW”) clientele, but also represents and manages funds for Foundations and Endowments, including small business retirement plans.
Commenting on the transaction Mark Eshman, Chairman, stated: “This was not an exit strategy for Jamie and me. We have no intention of retiring anytime soon. For us this was a business continuity strategy. As a result, we were looking for a partner that respects what we bring to the table, supports what we do really well, and of course, takes over time consuming middle and back office work that robbed us of needed capacity. Also, and as a larger firm with experienced and seasoned staff, operating two locations, serving different client segments with different needs. This was not going to be a cookie cutter transaction for the successful buyer. We needed a sophisticated partner that appreciated all our nuances and had the expertise to successfully close this transaction with all its complexities. After meeting with Dave Barton, former CEO of Mercer Advisors who now heads up Mergers and Acquisitions, I knew we found the right partner. Dave Barton understands our business, he successfully navigated the difficult parts of our combination making us stronger in the process and got us across the finish line in an uncertain COVID-19 world.”
Jamie Everitt, President, added “The high cultural alignment with Mercer Advisors was a must for us given the various Foundations, Endowments, and number of business retirement plans we are managing. When Dave Barton explained to us that Mercer Advisors has a long history of serving and administrating ERISA plans for small businesses, whether they are standard 401(k), defined benefit or contribution plans, combo plans, or more sophisticated cash balance plans, that was a big deal for us and knew that together we could continue to grow and add value to this clientele.”
Dave Barton who led this transaction for Mercer Advisors stated: “Mark and Jamie had a defined set of objectives for what a successful transaction would look like, chief among them was the business combination must add value to their clients, and provide career development opportunities for their staff. Regarding increasing the value proposition to their clients, Mark and Jamie love that we provide in-house estate planning and tax return preparation services. Finally, we pride ourselves on defining, training, and supporting career path opportunities for our staff. Indeed, I started out as General Counsel for the company and became CEO, and our Senior Leadership Team is replete with examples of staff starting their employment with Mercer Advisors as junior advisors rising up through the ranks to lead our organization. We invest in our people; they are our number one priority and our greatest asset. Ours is a people business and without top talent you cannot be a top firm. In ClearRock, we found a great partner with a great team.”
Dave Welling, Chief Executive Officer of Mercer Advisors said, “We formed a tight connection with Mark, Jamie and the ClearRock team through this process and are confident that we have aligned values and vision for how we can provide a highly differentiated experience for our clients. We are delighted to join forces with the ClearRock team and to expand our presence in San Francisco and to establish a significant presence in the rapidly growing state of Idaho.”
ClearRock is a boutique, independent, SEC-registered investment advisory firm founded in 2007 in Sun Valley, Idaho with offices in San Francisco. They provide expert and deeply experienced, full-service financial planning and investment management advice along with an exceptional, personalized client experience. ClearRock’s clients are individuals and families, non-profit organizations and retirement plans who want to take a prudent, disciplined and broadly diversified approach to preserving and growing their wealth over the long term. ClearRock adds value through high-touch client service, on-going client education, financial planning, and customized investment management. ClearRock’s mission is to foster a sense of financial well-being for their clients. Their $664MM of assets is comprised of $557MM of assets under management and $107MM of assets under advisement.
ClearRock Capital, LLC was represented by David Selig, Founder and CEO of Advice Dynamics Partners, a leading investment banking firm specializing in the RIA space.
About Mercer Advisors
Established in 1985, Mercer Global Advisors, Inc. (“Mercer Advisors”) is a total wealth management firm that provides comprehensive, fee-based investment management, financial planning, family office services, retirement benefits and distribution planning, estate and tax planning, asset protection expertise, and corporate trustee and trust administration services. Mercer Advisors, Inc. is a parent company of Mercer Global Advisors, Inc. (RIA), majority owned by both Oak Hill Capital and Genstar Capital, one of the largest Registered Investment Advisors and financial planning firms in the U.S. with approximately $19.2 billion in client assets. Headquartered in Denver, Mercer Advisors is privately held, has over 400 employees, and operates nationally through 45+ offices across the country. For more information, visit www.merceradvisors.com.
Data as of June 19, 2020. AUM includes affiliates and wholly owned subsidiaries.