Carlyle Invests $600 Million in Prime Capital, Valuing Wealth Firm Above $1.8 Billion
Updated
Updated · The 401(k) Specialist · Aug 7
Carlyle Invests $600 Million in Prime Capital, Valuing Wealth Firm Above $1.8 Billion
3 articles · Updated · The 401(k) Specialist · Aug 7
Summary
$600 million from Carlyle’s Global Credit platform will give Prime Capital Financial hybrid capital, a minority owner and a strategic partner as the deal heads toward a mid-September close.
The transaction values the Overland Park, Kansas-based wealth manager at more than $1.8 billion and gives Carlyle two of seven board seats while leaving leadership, the advisor-led model and majority employee ownership intact.
Abry Partners is exiting after a three-year investment period in which Prime Capital expanded to 68 offices and nearly $50 billion in assets under management through acquisitions, advisor recruiting and infrastructure spending.
Prime Capital said the new backing should fund its next growth phase after more than 30 acquisitions since 2017, integration of over 50 advisory teams and roughly 10% annual organic growth.