Torrance-based EP Wealth Advisors is adding another $420 million to its growing assets under management with the planned roll-up of San Diego-based Donnelly Wealth Advisors.
EP Wealth Advisors’ Chief Executive Patrick Goshtigian told the Business Journal the deal was part of the firm’s strategy to expand through bolt-on acquisitions.
The Donnelly addition gives EP approximately $4 billion in assets, Goshtigian said.
Donnelly, which was founded by President Richard Donnelly, adds four wealth advisors to EP’s headcount, along with more than 300 clients. Donnelly will be added to EP’s partnership roster.
Goshtigian said the buy also helps the firm work towards its goal of expanding into more markets – EP’s presence in San Diego was minimal before the deal.
The transaction was the third acquisition for EP in the last 12 months, all deals for wealth advisory firms, including San Ramon-based Millie Capital Management. EP has acquired five firms since January 2015 in total.
“We’re embarking on an enhanced acquisition strategy because the market is fractured,” Goshtigian said. “There are a lot of retiring wealth advisors and wealth advisors having a hard time expanding and growing their businesses without a larger infrastructure.”
EP’s acquisitive strategy has recently been facilitated by outside investment from Wealth Partners Capital Group, a Palm Beach, Fla. financial services holding company that focuses on the wealth advisory market.
“We took an equity investment from Wealth Partners with the intention to ramp up our acquisitions,” Goshtigian said. “We’re hitting an inflection point in the process.”
Lions of Summer
Lions Gate Entertainment Corp. acquired last week a majority stake in 3 Arts Entertainment Inc. Terms of the deal were not disclosed, but Deadline reported a price in the $300 million to $350 million range for approximately 50 percent of the company with an option to purchase the other 50 percent in five years.
“We’re excited to be partnering with a best-in-class talent management company that shares our entrepreneurial culture and vision for the future,” Lions Gate Chief Executive Officer Jon Feltheimer said in a statement. “This deal checks all the boxes – a strategic and accretive transaction for our shareholders and a win/win partnership for both companies. It enables us to deepen our already successful relationship with 3 Arts and allows them to offer a richer palette of opportunities to their clients.”
3 Arts has produced a slate of acclaimed television shows, including “The Office,” “It’s Always Sunny in Philadelphia,” “Brooklyn Nine Nine,” and “American Vandal.” Its movie production credits include “Office Space” and “The Matrix.”
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