Author: Quratulain Tejani
Audax Private Equity platform Congress Wealth Management LLC has acquired Wynnewood, Pa.-based MainLine Private Wealth LLC, bringing $1.1 billion in assets under management into the fold, Michael D. Bilotta, of Gladstone Associates LLC, who was the financial adviser for Congress on the transaction, told The Deal.
The Boston-based buyer, a registered investment advisory firm that landed a strategic investment from Audax in April, completed the deal on Friday, Sept. 15.
Founded in 2011, MainLine Private is a wealth management firm that provides feebased advisory services and open architecture investing to high-net-worth individuals.
Established in 2009, Congress Wealth provides wealth management and financial advisory services to high net worth clients and family offices and manages $6 billion in client assets.
Canadian wealth management firm CI Financial Corp. invested in the business in 2020, helping it grow nationally through acquisitions, before selling its minority stake to Audax.
In May 2021, Congress had acquired Columbia, Md.-based Pinnacle Advisory Group, doubling the size of its business and providing the firm access to the Mid-Atlantic and South Florida markets.
The firm will continue to be acquisitive in the future, with the investment from Audax acting as a catalyst, Bilotta said.
Bilotta, of Plymouth Meeting, Pa.-based Gladstone Associates, also represented Pinnacle on its sale to Congress in 2021. Gladstone was also adviser on the Audax transaction.