ATLANTA and NEW YORK — July 30, 2021 — Homrich Berg is pleased to announce an investment from New Mountain Strategic Equity I, L.P., an affiliate of private equity firm New Mountain Capital (“New Mountain”), a growth-oriented investment firm with a demonstrated track record of partnering with leading founder-owned businesses. The investment helps the Atlanta-headquartered, $10 billion registered investment adviser (“RIA”) manage ownership succession and adds an experienced partner that allows Homrich Berg to add to its capabilities and talent as a leading RIA in the Southeast.
Homrich Berg co-founder and CEO Andy Berg is excited about this partnership which will allow the RIA to continue its growth trajectory while also maintaining independence and majority ownership of the firm. “More than 30 years ago I co-founded Homrich Berg with a belief in independent, objective, fee-only advice for our clients,” said Berg. “We have worked hard to ensure the long-term independence of Homrich Berg through the addition of many talented principals to broaden our ownership. As we look ahead to the next 30 years of independence, we look forward to collaborating with NMC in support of our strategic objectives.”
“The decision to pursue a minority investment was intentional. Many of our peer firms have recently sold to outside buyers,” said Homrich Berg president Thomas Carroll. “We have explicitly rejected that approach both now and looking ahead – all generations of our ownership are fully aligned in our commitment to on-going independence. While this event helps ensure a strong succession plan for the future, all of our current owners will still be owners post-closing and we are excited about the future working with New Mountain as our partner.”
Founded in 1989, Homrich Berg provides fee-only comprehensive investment advisory and financial planning services to high-net-worth individuals, families, multi-generation family offices, business owners, trusts, estates, and charitable organizations.
“We see an incredible opportunity for Homrich Berg to continue its strong growth and build on its leading presence in the Southeast. The firm’s commitment to clients is what attracted us to this investment partnership and we are energized to support the firm’s long-term strategic expansion,” said Bob Mulcare, Managing Director at New Mountain. “This is the fourth investment out of our debut Strategic Equity fund and we are looking forward to partnering with Andy and the team on an exciting new platform.”
Homrich Berg was advised by the Asset & Wealth Management Investment Banking team of Raymond James Financial, Inc. and Alston & Bird LLP. New Mountain Capital was advised by Ropes & Gray LLP and DeVoe & Co.
About Homrich Berg
Founded in 1989, Atlanta-based Homrich Berg is a national independent wealth management firm that provides fiduciary, fee-only investment management and financial planning services, serving as the leader of the financial team for our clients, including high-net-worth individuals, families, and not-for-profits. Homrich Berg manages over $10 billion for more than 2,000 family relationships nationwide.
About New Mountain Capital
New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, credit, net lease real estate and public equity funds with over $30 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies.
NOTE: This document is for informational purposes only and is not an offer to sell, or solicitation of an offer to purchase, any security, product or fund. The information does not constitute investment advice and should not be relied upon as such. Certain of the information herein is forward-looking in nature and may be subject to change. Information is as of July 30, 2021 unless otherwise specified, with no obligation to update.
For Homrich Berg
For New Mountain Capital
Dana Gorman / Matthew Butler