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PE-backed Mercer Advisors buys Benemark

Mercer Global Advisors Inc, a registered investment advisor backed by both Oak Hill Capital and Genstar Capital, has acquired Westport, Connecticut-based Benemark Inc, a wealth management firm.

Mercer Global Advisors Inc, a registered investment advisor backed by both Oak Hill Capital and Genstar Capital, has acquired Westport, Connecticut-based Benemark Inc, a wealth management firm. No financial terms were disclosed. FP Transitions, LLC advised Benemark on the deal.

PRESS RELEASE

DENVER, March 1, 2022 – Mercer Global Advisors, Inc. (“Mercer Advisors”), a national Registered Investment Adviser (RIA), today announced the acquisition of Benemark, Inc. (“Benemark”), a respected wealth management firm headquartered in Westport, Connecticut. Benemark serves approximately 70 clients with assets under management (AUM) of approximately $230 million. Benemark was founded by Robert A. Medvey, CFP®, CPWA®, Partner and CEO, and Gregg G. Padilla, CFP®, Partner and CFO, in 1995. Benemark offers comprehensive financial planning and portfolio management to high-net-worth individuals, families, and corporate clientele.

Benemark’s entire team will be joining Mercer Advisors.
Benemark, Inc. specializes in tailored wealth management services for working professionals, entrepreneurs, small business owners, and individuals nearing retirement. Benemark’s clients seek a trusted and knowledgeable confidant capable of delivering financial advice relevant to each person’s unique circumstances allowing them the freedom to pursue what is important to them.

Commenting on the transaction, Co-Founder Robert A. Medvey (“Robert”) stated: “Gregg and I have built a successful business and we, along with our team, are committed to serving our clients with excellence. As part of serving our clients with excellence, it’s incumbent on us as fiduciaries to make sure their financial needs are met today and into the future. Accordingly, Gregg and I decided to investigate our options vis-à-vis an external sale as part of our continuity planning. We hired a banker to help us to find the optimal partner for us and our clients. In Mercer Advisors we found that ‘right fit’ partner.” Co-Founder Gregg G. Padilla (“Gregg”) added:

“We met many times with David Barton, Mercer Advisors’ Vice Chairman who leads M&A for Mercer Advisors, and we loved their ‘family office’ business model, in-house estate planning, tax return preparation, and other value-add services. We wanted to maximize our client-facing time and minimize time spent on back-office operations. With Mercer Advisors now taking over these activities, Robert and I will be free to focus on what we do best — serve existing clients and develop new relationships. We couldn’t be more excited to join the Mercer Advisors team.”

David Barton, Vice Chairman, who led this transaction on behalf of Mercer Advisors added: “Robert and Gregg are entrepreneurs and top-notch financial planners. Together with their talented team, we found in them the ability to add talent and planning capacity to our Connecticut operations as they are located near our local office who they already know and respect. This is a great fit for both parties and allows Robert and Gregg to focus their time on their highest and best use doing those things they love doing.”

Dave Welling, Chief Executive Officer of Mercer Advisors, said, “Robert and Gregg have built a great business and strong team and they are highly respected wealth management professionals. We are thrilled to be expanding our presence in Connecticut and look forward to working together to deliver meaningful results for our shared clients.”

FP Transitions, LLC, a respected transaction advisor and consulting firm serving the registered investment advisor space, represented Benemark in this transaction.

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, insurance solutions, 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 over $39 billion in client assets. Headquartered in Denver, Mercer Advisors is privately held, has over 650 employees, and operates nationally through 60+ offices across the country. For more information, visit www.merceradvisors.com.