Mercer Global Advisors continues its buying spree, announcing Tuesday that it has acquired $230 million AUM Republic Wealth Advisors of Houston, which has satellite offices in Austin, Texas, and Bartlesville, Okla.
Earlier in the month it acquired Adam Financial Associates of Boca Raton, Fla.
The Republic deal expands Mercer’s presence in Texas—it already had offices in Houston, Austin, and Dallas.
Terms of the deal were not disclosed.
Republic, founded in 2001, serves about 190 households and is co-owned by Frederick M. Hanish, Kenneth J. Landgraf and David H. Levy. Patrick T. Moore, MBA and senior client advisor, will also be joining Mercer Advisors along with other Republic staff.
Mercer CEO Dave Welling said in a statement that “we are delighted to join forces with the Republic team and look forward to serving their clients with expanded wealth management services."
Hanish, who has 35 years of industry experience and is the author of the book Three Generations From the Outhouse, said in the statement that “we had reached that point in our business where succession planning and business continuity for our clientele was a top of mind discussion for me and my partners. ...This was a good cultural fit for both parties.”
David Barton, Mercer Advisors’ vice chairman who led the acquisition on Mercer’s side, said that “while the Republic deal was very competitive and went through a thorough process, our value proposition separated us from the competition.” He added that Mercer’s in-house estate planning service, high-quality tax return preparation at wholesale pricing and 35 years of comprehensive financial planning experience helped cement the deal.
Mercer, established in 1985, has about $17 billion in client assets and is based in Denver. With over 390 employees, it operates nationally through 46 offices. Its parent company, Mercer Advisors, is majority-owned by private equity players Oak Hill Capital and Genstar Capital.