Oak Hill Capital and Genstar Capital-backed Mercer Global Advisors, Inc has acquired Spokeane, Washington-based Hart Capital Management Inc, a wealth management firm. No financial terms were disclosed.
DENVER, January 21, 2021 – Mercer Global Advisors, Inc. (“Mercer Advisors”), a national Registered Investment Adviser (“RIA”), today announced the acquisition of Hart Capital Management, Inc. (“Hart”), a respected wealth management firm headquartered in Spokane, Washington with a satellite office in Coeur d’Alene, Idaho. Hart serves approximately 400 clients with assets under management (“AUM”) of approximately $440 million. Hart was founded in 1998 by Craig W. Hart (“Craig”), President and Chief Investment Officer, focusing on delivering comprehensive wealth management services to their high net worth clients. Craig and his experienced team of nine professionals will be joining Mercer Advisors. The Hart transaction closed December 31, 2020.
Hart’s team prides itself on developing long standing relationships with their clients, utilizing a philosophy of personalized service, a deep understanding of specific client needs, a common bond fostered at numerous education and client appreciation events, and consistent performance. Hart’s extremely high client retention rate reflects the level of commitment they have for their clients and their confidence in Hart Capital Management, Inc.
Commenting on the transaction, Craig Hart, Founder, stated: “We had reached a level of needing to invest heavily in our business to develop the scale and infrastructure necessary to service our ever-increasing client needs; it was a build it or join it decision. In observing our industry, we also wanted to offer competitive differentiated in-house services like estate planning, tax return preparation and corporate trustee assistance. We felt the best decision was to join a national firm that had already built this infrastructure, with the added scale of dedicated middle and back office departments such as dedicated marketing and sales teams and best in class technology with on call IT experts. We spent a lot of time with David Barton, Vice Chairman and Head of M&A at Mercer Advisors and we checked under the Mercer Advisors’ hood and kicked all the tires. Mercer Advisors checked all the boxes for us, right valuation for the business I built, good for my staff with career development opportunities, and most importantly great for my clients knowing they would be well taken care of for generations to come. We couldn’t be more excited about joining the Mercer Advisors team.”
David Barton who led this transaction on behalf of Mercer Advisors stated: “Craig has built a great business and is well respected in Spokane and Coeur d’Alene. We shared the same mission, vision and values around creating the highest quality financial care for our clients and that cultural alignment is bedrock for any successful transaction. I also like the fact we can leverage our existing operations in Seattle, Portland, and Idaho to create a convention of Mercer Advisors’ shared support in the Pacific Northwest. Craig is a natural leader and with Mercer Advisors’ resources backing he and his team, we are posed for rapid growth. This is a true win-win for both parties.”
Dave Welling, Chief Executive Officer of Mercer Advisors said, “We are very excited to partner with Craig and the Hart team. We are investing heavily in the Pacific Northwest as we push to become the natural best choice for those HNW clients looking for family office style care and support. With the addition of Hart Capital Management, one more piece to that puzzle is added. We look forward to partnering with the Hart team to serve their clientele with excellence for years to come.”
Hart was represented by John Furey, Managing Partner, of Advisor Growth Strategies, a leading investment banking firm.
About Mercer Advisors
Established in 1985, Mercer Global Advisors Inc. (“Mercer Advisors”) is a full-service wealth management firm that specializes in providing investment advice, financial and estate planning, and taxes, and corporate trustee and trust administration services. It is one of the largest Registered Investment Advisers and financial planning firms in the U.S. with nearly $27 billion in client assets. Headquartered in Denver, Mercer Advisors is privately held, has approximately 520 employees, and operates nationally across the country with 45+ locations. Mercer Advisors, Inc. is a parent company of Mercer Global Advisors Inc. (RIA), majority owned by both Oak Hill Capital and Genstar Capital. Mercer Global Advisors has a related insurance agency. Mercer Advisors Insurance Services, LLC (MAIS) is a wholly owned subsidiary of Mercer Advisors Inc. Employees of Mercer Global Advisors serve as officers of MAIS. For Mercer Global Advisors clients who wish to purchase insurance products, MAIS has entered into a non-exclusive referral agreement with Strategic Partner(s). More information about MAIS and our Strategic Partners may be found in our Form ADV 2A. Visit us at www.merceradvisors.com.
Data as of December 31, 2020. AUM includes affiliates and wholly owned subsidiaries announced to date.