KKR Gets a Piece of Beacon Pointe Wealth Manager
Posted on 11/16/2021
Private equity firm KKR got a stake in Newport Beach, California-based Beacon Pointe, LLC, the parent company to Beacon Pointe Advisors, LLC. The Beacon Pointe team, including CEO and Co-Founder Shannon Eusey, will continue to own over 50% of Beacon Pointe Advisors, LLC going forward, and Abry Partners will fully exit its investment in Beacon Pointe as a result of this transaction. KKR’s investment will provide Beacon Pointe with growth capital to support key priorities and continue Beacon Pointe Advisors’ strategy for national expansion through new office openings and acquisitions. KKR is making its investment in Beacon Pointe through its North American private equity strategy. The transaction is expected to close before year-end, subject to customary closing conditions.
Abry Partners put its less than 50% stake in Beacon Pointe up for sale in July 2021. In April 2021, Beacon Pointe Advisors acquired Wealthstreet Investment Advisors, a Dallas, Texas-based RIA managing nearly US$ 1.2 billion in assets. Beacon Pointe took a minority investment from Abry Partners in March 2020.
In 2017, KKR invested in RIA Focus Financial Partners and sold its stake in it earlier in 2021.
Advisors
Goldman Sachs & Co. LLC served as the exclusive financial advisor to Beacon Pointe and Alston & Bird LLP served as legal counsel to the Company. Ardea Partners LP served as the financial advisor to KKR, and Kirkland & Ellis LLP served as legal counsel to KKR.
Founded in 2002, Beacon Pointe Advisors is one of the largest independent registered investment advisory (RIA) firms in the United States with over US$20 billion in assets under management.
Keywords: ABRY Partners, LLC.
