Abry Partners Exits Investment in Prime Capital Financial Following Period of Significant Growth

Abry's partnership supported Prime Capital Financial’s evolution into one of the nation's leading independent wealth management platforms

BOSTON--(BUSINESS WIRE)--Abry Partners (“Abry”), a Boston-based private equity firm, today announced the successful exit of its investment in Prime Capital Financial (the "Company"), one of the nation's fastest-growing independent wealth management firms. The Carlyle Group has agreed to acquire a minority ownership interest in Prime Capital Financial to support the Company’s continued growth. Financial terms of the transaction were not disclosed.

Abry invested in Prime Capital Financial in 2023 and worked closely with the Company's management team to execute a multi-faceted growth strategy and build a differentiated national wealth management platform serving clients across 68 offices with nearly $50 billion in assets under management. Over the course of the partnership, Prime Capital Financial accelerated growth both organically and inorganically through acquisitions and advisor recruitment. Abry partnered with management to strengthen the leadership team, expand the Company's capabilities in areas such as family office and tax planning, and invest meaningfully in the operational infrastructure needed to support the next phase of growth. Prime Capital Financial represents another successful realization for Abry within financial services, where the firm has invested for decades and continues to see compelling long-term opportunities.

Today, Prime Capital Financial offers a fully integrated suite of services, including financial planning, investment management, tax advisory and compliance, trust and estate planning, insurance solutions, family office services, alternative investments, and institutional retirement advisory services, through a collaborative, advisor-led model with approximately 180 advisor-owners. The Company's entrepreneurial culture, majority employee-owned structure, and long-term client relationships position Prime Capital Financial well for continued growth as it enters its next chapter with Carlyle.

"Our long-standing experience in financial services has taught us that enduring businesses are built by exceptional management teams with a clear long-term vision,” said Vidur Khatri of Abry Partners. “Prime Capital Financial stood out from the beginning because of the quality of its leadership and differentiated strategy. Throughout our partnership, Glenn and the team executed exceptionally well, expanding the platform through strategic acquisitions, advisor recruiting, and continued investment in people and capabilities. We are incredibly proud of what we accomplished together and confident the Company is primed for continued success.”

"From the beginning, Abry understood what made Prime Capital Financial different,” said Glenn Spencer, Chief Executive Officer of Prime Capital Financial. “They shared our long-term vision, believed in our advisor-led culture, and consistently invested behind our people, capabilities, and growth strategy. Their partnership and deep experience in wealth management helped us accelerate our growth while staying true to the values that have defined Prime Capital Financial from day one. We are grateful for the partnership and remain as committed as ever to our clients, our advisors, and our culture as we look forward to what’s next."

The transaction is expected to close in mid-September, subject to customary regulatory approvals.

Abry and Prime Capital Financial are being advised by William Blair, Goldman Sachs, Kirkland & Ellis, Spencer Fane, and KPMG.

About Abry Partners

Abry Partners is one of the most experienced and successful sector-focused private equity investment firms in North America. Since its founding in 1989, the firm has completed over $90 billion of leveraged transactions and other private equity or preferred equity placements. Currently, the firm manages $16 billion of assets across several fund strategies.

More information about Abry Partners: www.abry.com.

About Prime Capital Financial

Prime Capital Financial is one of the nation's leading independent wealth management firms, providing integrated financial planning, investment management, tax advisory and compliance, trust and estate planning, insurance solutions, family office services, banking solutions, alternative investments and institutional advisory services, including retirement plan consulting, fiduciary investment advisory and participant financial wellness services. Through its collaborative, advisor-led model, the firm helps individuals, families, business owners, employers and institutions navigate life's most important financial decisions. Prime Capital Financial serves clients nationwide through 68 offices with nearly $50 billion in assets under management.