Constellation Wealth Capital Plans Minority Stake in $20B Merit Financial

Merit Financial Advisors, an Atlanta-based RIA managing nearly $20 billion in assets, is transitioning its minority ownership from Wealth Partners Capital Group and HGGC's Aspire Holdings to Constellation Wealth Capital, a private equity firm focused on wealth management. The deal, expected to close in the third quarter of 2025, will see Constellation acquire less than 40% of Merit, with the majority of equity remaining employee-owned. Merit plans to use this new partnership to accelerate organic growth, continue its active acquisition strategy—with eight deals completed year-to-date—and enhance advisor platforms, client service, and technology initiatives while maintaining its independence and leadership structure. Merit CEO Rick Kent highlighted Constellation's alignment with the firm’s culture and long-term growth mindset as key reasons for the partnership. The company, which operates 40 offices across the U.S. and recently acquired RCM Investments, aims to expand its national presence and support its advisors and clients more effectively. Legal and financial advisors involved in the transaction include Ardea Partners, William Blair, Goldman Sachs, Holland & Knight, Kirkland & Ellis, Gibson Dunn & Crutcher, and Ares Management arranging a concurrent line of credit.