Wealth Partners Capital Group (WPCG), a financial services holding company, and HGGC, a leading middle-market private equity firm, have announced a strategic minority investment in True North Advisors, a rapidly growing Texas-based registered investment advisor (RIA). This partnership aims to accelerate True North’s expansion through targeted acquisitions while allowing the existing management team to retain majority ownership and operational control.
Founded in 2000, True North Advisors has established itself as a prominent wealth management firm in Texas, serving affluent families, entrepreneurs, and business owners. With over $3.3 billion in assets under management, True North offers comprehensive wealth planning, investment management, and business transaction planning services. Additionally, the firm provides access to institutional-quality private investments through its alternative investment platform, Western Alternative Strategies.
Wealth Partners Capital Group’s Strategic Vision for Growth
WPCG’s investment in True North reflects its strategy of partnering with high-performing wealth management firms with strong leadership and growth potential. This collaboration will provide True North with access to WPCG’s extensive network and resources, enabling the firm to further enhance its service offerings and expand its reach within the Southwest region. John Copeland, Managing Partner of WPCG, expressed confidence in True North’s potential to become a leading wealth management firm in the region, highlighting the firm’s experienced management team, strong regional brand, and unique approach to planning and investments.
This partnership will empower True North to pursue strategic acquisitions, bolstering its organic growth initiatives. True North Co-founders Scott Wood and Mark Gehlbach emphasized the transformative potential of this alliance, anticipating new opportunities for growth, innovation, and enhanced client service.
HGGC’s Commitment to the Wealth Management Sector
HGGC’s participation in this investment underscores the firm’s commitment to the wealth management industry. HGGC’s investment will be made through Aspire Holdings, a dedicated platform focused on investments in the wealth management space, with a target investment of $300 million. Neil White, President of HGGC, highlighted True North’s strong position for expansion and affirmed HGGC’s commitment to providing resources to support both organic growth and strategic mergers and acquisitions.
A Partnership Built for Success
The strategic partnership between True North Advisors, Wealth Partners Capital Group, and HGGC represents a significant milestone in True North’s growth trajectory. By leveraging the expertise and resources of WPCG and HGGC, True North is well-positioned to capitalize on opportunities in the dynamic wealth management landscape, delivering exceptional value to its clients and solidifying its position as a leading firm in the Southwest. The transaction closed on January 22, 2024, with Colchester Partners LLC serving as financial advisor to True North and Alston & Bird and Kirkland & Ellis LLP acting as legal counsel. Financial terms of the transaction were not disclosed.
