Caprock, a Boise, Idaho-based RIA with round $17 billion in consumer belongings, has made its second acquisition in its 21-year historical past.
Caprock purchased Austin, Texas-based Venturi Non-public Wealth, which manages round $four billion in consumer belongings, in accordance with an announcement. The 30-person agency, together with 10 advisors, was based in 2015 by former Merrill non-public wealth advisors Russell W. Norwood and George L. Clark.
Norwood and Clark, who’ve 34 and 21 years of expertise, respectively, have been majority homeowners of Venturi. A gaggle of staff, one unidentified buyer and personal fairness agency Bravura Capital additionally had stakes, in accordance with regulatory filings.
The duo managed round $800 million after they left Merrill’s non-public wealth unit, in accordance with studies on the time. Venturi reported in its newest Kind ADV that it managed round $3.5 billion in belongings as of December 31 and served clients with not less than $2.5 million to take a position.
“Caprock brings broader funding capabilities, deeper household workplace assets and the size to help shoppers as their wants proceed to evolve,” Norwood mentioned in an announcement.
Venturi, which incorporates an Oklahoma Metropolis workplace led by Joey D. Sager, will undertake Caprock branding. The acquisition included Caprock fairness, a spokesperson confirmed. Different particulars weren’t disclosed.
Caprock notched its first deal in early 2024 with $2.2 billion, Chicago-based Gray Road Capital. It signaled a larger urge for food for M&A in Might final 12 months when it employed Frank Giuliano from LPL Monetary to steer company improvement together with M&A.
Caprock has been majority owned by TA Associates since late 2021, when it was managing nearer to $7.5 billion in consumer belongings. The newest deal will deliver the agency to round $21 billion.