Strategic Investment by Golden Gate Capital Will Accelerate Organic Growth and M&A Strategy, Including Acquisition of AUTUS Asset Management
Acquisition of AUTUS Creates Leading RIA Firm With Approximately $5.7 Billion in Assets Under Management
NEW YORK and HOUSTON, Jan. 5, 2023 /PRNewswire/ — Republic Capital Group, an investment banking firm specializing in the RIA, asset and wealth management, and securities-related industries, congratulates its client, Parallel Advisors, on its acquisition of AUTUS Asset Management and substantial investment from Golden Gate Capital, a leading private equity investment firm. In connection with the Golden Gate Capital investment and AUTUS transaction, Emigrant Partners – previously a minority investor in both Parallel and AUTUS – has fully exited its position in the combined company. Republic Capital Group acted as AUTUS Asset Management’s exclusive advisor in its transaction with Parallel Advisors. Republic subsequently represented the combined firm in sourcing and securing its new capital partner, Golden Gate Capital. Financial terms of the Golden Gate Capital investment and AUTUS transaction are not being disclosed.
With the acquisition of AUTUS, Parallel has approximately $5.7 billion in AUM and more than 90 professionals. Founded in 2006, Parallel serves high-net-worth individuals and pension/profit sharing plans across advisory, wealth planning, operations, and investment teams. Parallel deploys a holistic wealth management approach and team-oriented services platform focusing on client experience, including financial and estate planning, investment portfolio management, and active asset allocation. Golden Gate Capital’s strategic investment will accelerate Parallel’s M&A strategy and organic growth opportunities, including continuing to build out the firm’s best-in-class team, led by CEO C.J. Rendic.
AUTUS Asset Management, LLC is a boutique asset management firm dedicated to providing innovative portfolio management solutions. Based in Scottsdale, AZ, AUTUS has approximately $900 million in AUM1 and provides personalized wealth management services to high-net-worth individuals, families, and endowments.
John Langston, Founder and Managing Partner of Republic Capital Group, said “Parallel Advisors, AUTUS Asset Management, and Golden Gate Capital are all excellent firms. Having the opportunity to bring the three of them together was exciting and we appreciate their partnership and trust throughout this process. This transaction is emblematic of the work we strive to achieve for clients and Parallel and AUTUS’ excellence made this outcome possible.
“Working with the Republic Capital Team was nothing short of remarkable. There are very few investment banking firms that could pull off such a complex transaction in this dynamic environment. We are honored to be clients and look forward to completing additional M&A deals with John and his team in the future,” said C.J. Rendic, CEO of Parallel Advisors.
Mark Fiedler, Managing Partner of AUTUS Asset Management, said, “Working with John and his team at Republic has been amazing. Their deep understanding of the industry and their ability to find solutions that work for all the parties involved is what helped get our deal done. It is obvious that the RCG team truly cares about their clients and they worked hard to make sure we were represented well throughout the entire process.”
Republic Capital Group, LLC served as financial advisor to Parallel, AUTUS and Emigrant. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal advisor to Golden Gate Capital. Alston & Bird LLP served as legal advisor to Parallel. RiezmanBerger, P.C. served as legal advisor to AUTUS.
About Golden Gate Capital
Golden Gate Capital is a San Francisco-based private equity investment firm with over $19 billion in cumulative committed capital. The principals of Golden Gate Capital have a long and successful history of investing across a wide range of industries and transaction types, including going-privates, corporate divestitures, and recapitalizations, as well as debt and public equity investments. Representative financial services investments sponsored by Golden Gate Capital include Pico Quantitative Trading, Aperio, Nassau Financial Group, and Mosaic Insurance. For more information, visit www.goldengatecap.com.
About Parallel Advisors
Parallel Advisors is a registered, independent wealth management firm specializing in active financial planning, solid portfolio construction, and mindful asset allocation designed to help individuals, families, and trusts accomplish their financial goals. Based in San Francisco, and with offices in Dayton, Dallas, Honolulu, and Oklahoma City, Parallel provides innovative, unrestricted, and comprehensive solutions for all clients. Parallel Advisors proudly manages approximately $5.7 billion in client assets and offers deep expertise in tax and estate planning and robust investment management.
About AUTUS Asset Management LLC
AUTUS Asset Management, LLC is a boutique asset management firm dedicated to providing innovative portfolio management solutions based in Scottsdale, AZ. The firm provides personalized wealth management services to high-net-worth individuals, families, endowments and has expertise in the individual selection of equities and fixed income securities.
About Emigrant Partners LLC
Emigrant Partners (“EP”) is a capital and advice partner to exceptional management teams building successful wealth, asset, and alternative asset management firms. EP makes long-term, non-voting, minority investments tailored to meet the needs of each partner firm. EP is currently partnered with 18 firms that advise on over USD $90B in aggregate AUM and AUA.
EP is wholly owned by Emigrant Bank, the largest family-owned and operated bank in the United States. Emigrant Bank is owned and operated by the Milstein family, who have significant investments in large scale office, residential and hotel real estate, financial services, consumer goods, energy, entertainment, sports, finance, technology and agriculture businesses.
About Republic Capital Group:
Republic Capital Group, led by John Langston and Peter Nesvold, specializes in providing investment banking services to the RIA, asset and wealth management, and securities-related industries. Republic Capital Group serves firms throughout the country and clients include a number of industry leaders.
Learn more about Republic Capital Group at www.republiccapgroup.com
Media Contact: Candace Langston, [email protected]
Republic Capital Group – securities offered through Kingswood Capital Partners, LLC.
 As of December 31, 2022.
SOURCE Republic Capital Group