M&A Deal Summary

Clearstead Acquires WST

On April 2, 2024, Clearstead acquired financial services company WST from Rosemont Investment Group

Acquisition Highlights
  • This is Clearstead’s 2nd transaction in the Financial Services sector.
  • This is Clearstead’s 3rd transaction in the United States.
  • This is Clearstead’s 1st transaction in Virginia.

M&A Deal Summary
Date 2024-04-02
Target WST
Sector Financial Services
Buyer(s) Clearstead
Sellers(s) Rosemont Investment Group
Deal Type Merger

Target

WST

Norfolk, Virginia, United States
WST is a registered investment advisor providing wealth management, investment advisory, and capital management services to individuals, institutions, and intermediary partners. WST was founded in 1990 and is based in Norfolk, Virginia.

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Buyer(S) 1

Buyer

Clearstead

Cleveland, Ohio, United States
Category Company
Founded 1989
Sector Financial Services
DESCRIPTION

Clearstead is an operator of institutional and private wealth management firm that provides financial solutions, prominent endowments, foundations, hospitals, and other institutions with objective and high-quality investment advisory services. Clearstead was founded in 1989 and is based in Cleveland, Ohio.

DEAL STATS #
Overall 3 of 3
Sector (Financial Services) 2 of 2
Type (Merger) 1 of 1
State (Virginia) 1 of 1
Country (United States) 3 of 3
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-03-01 Avalon

Santa Fe, New Mexico, United States

Avalon is a similarly high-net-worth focused wealth management firm that manages approximately $2 billion in assets under management. It provides investment management, trust services, and financial planning to families, trusts, and foundations nationwide. Avalon is based in Santa Fe, New Mexico.

Buy -

Seller(S) 1

SELLER

Rosemont Investment Group

West Conshohocken, Pennsylvania, United States

Investor Investor Investor Investor

Category Private Equity Firm
Founded 2000
Size Middle-Market
Type Sector Focused
DESCRIPTION

Rosemont Investment Group is a private equity firm focused exclusively on making investments alongside management teams in the asset management industry. Rosemont provides capital to fund management buyouts, recapitalizations and selected start-ups in support of teams focused on growing independent, asset management firms. In addition to investing in traditional asset managers, Rosemont will also selectively pursue alternative investment firms including hedge funds, private equity funds, fund of funds and wealth management. Rosemont seeks to invest $10 to $50 million of equity for meaningful minority equity stakes. Rosemont prefers to be the sole outside investor but will consider leading co-investment transactions requiring additional capital. Rosemont was formed in 2000 and is based in West Conshohocken, Pennsylvania.

DEAL STATS #
Overall 10 of 10
Sector (Financial Services) 10 of 10
Type (Merger) 1 of 1
State (Virginia) 1 of 1
Country (United States) 9 of 9
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-08 Veris Wealth Partners

San Francisco, California, United States

Veris Wealth Partners is an operator of a wealth management firm that helps individuals, families and private foundations achieve their financial objectives while aligning their wealth with their values. Veris Wealth Partners was founded in 2007 and is based in San Francisco, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-05-02 Northside

Hood River, Oregon, United States

Northside serves as an outsourced investment manager for family offices, high-net-worth individuals, endowments, foundations, and tax-exempt entities. Northside was founded in 1996 and is based in Hood River, Oregon.

Buy -
Mergr

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