Homrich Berg, an Atlanta-based RIA integrator with $17 billion in assets, will sell a small stake in the firm to TPG, a private equity firm based in Fort Worth, Texas, according to a Reuters report based on sources “familiar with the matter. .”
The deal would value the RIA at about $1 billion.
Homrich Berg is currently backed by New Mountain Strategic Equity, a subsidiary of private equity firm New Mountain Capital, which made a small investment in 2021. In June 2022, the firm completed a debt equity roundraising $75 million through a multi-bank syndicate led by First Citizens Bank. This arrangement allowed Homrich Berg to retain majority control of the firm.
The Reuters report was not clear on whether that meant New Mountain would walk away from its investment.
Spokesmen for Homrich Berg and TPG did not immediately respond to a request for comment.
last year, Homrich Berg CEO Andy Berg resigned from his position after growing the RIA integrator for nearly three and a half decades. President Thomas Carroll took over as CEO earlier this year, and the moves were part of a planned, multiyear transition that began when Carroll was hired in 2020.
In April, the firm hired Andrew Pagea former director and partner at Focus partner Ancora Holdings Group, to lead the firm's M&A efforts.
Earlier this month, Homrich Berg hired Joanna Irwin as chief marketing officer. She replaced Bill Bolen, who returned to focus on customer service. Irwin joined from Randstad, a talent company, where she was global CMO.