The $24 billion advisory agency Lido Advisors has acquired Platte River Wealth Advisors, a Louisville, Colo.-based RIA with over $600 million in belongings underneath administration. With this transaction and its just lately introduced take care of Pegasus Companions, Lido’s whole belongings will develop to about $27 billion to $28 billion.
“This additional strengthens our place within the Colorado market,” mentioned Jason Ozur, CEO of Lido Advisors, in an unique interview with WealthManagement.com.
A few 12 months and a half in the past, Lido acquired Colorado Monetary Administration, a 26-person agency with places of work in Denver, Boulder and Loveland, Colo., with about $2 billion in belongings.
The Platte River deal, structured as a mixture of money and fairness, additionally deepens Lido’s expertise bench.
“Our M&A technique has at all times been about including top-tier professionals and strategically increasing our geographic footprint in key areas, and this workforce embodies that imaginative and prescient,” Ozur mentioned.
The workforce is led by Tyler Olsen, president and wealth advisor, who holds a CFP and CPA; and Warren Baker, director of funding technique, who additionally holds a CFA. Olsen based the agency in 2019, after breaking away from Wells Fargo Advisors. Each will turn out to be companions at Lido, and the remainder of their workforce may even be a part of the RIA.
Lido has practically 100 completely different house owners of the corporate, about 45% to 50% of that are staff.
This represents Lido’s third deal this 12 months, and Ozur expects the agency to shut on one or two extra earlier than the top of 2024.
The Los Angeles-based Lido was based in 1999 and has 15 bodily places of work nationwide. It serves greater than 4,700 shoppers. Personal fairness agency Charlesbank Capital Companions is Lido’s majority proprietor, having purchased its stake within the RIA in 2021. Charlesbank oversaw investments for Harvard College’s endowment earlier than spinning off as a middle-market PE investor.
Since Charlesbank took a majority stake, the agency’s managed belongings have grown from about $6 billion to $24 billion as of Sept. 30.
Earlier this 12 months, Lido bought a minority stake to Constellation Wealth Capital, the non-public fairness agency based by former Emigrant Companions CEO Karl Heckenberg. Constellation was launched in 2023 and has invested in two California-based corporations moreover Lido.
Days earlier than the Lido announcement, $6.5 billion AUM Bay Space-based Perigon Wealth grew to become Constellation’s second California associate, whereas Constellation invested within the $2.6 billion agency AlphaCore Wealth Advisory late final 12 months.
In June, Lido made its first deal after promoting the stake to Constellation when it acquired Shore Morgan Younger, a $615 million RIA based mostly in New Albany, Ohio (which has turn out to be referred to as “The Silicon Heartland” and considered as a burgeoning tech hub).
