$24 billion advisory firm Lido Advisors has acquired Platte River Wealth Advisors, a Louisville, Colo.-based RIA with more than $600 million in assets under management. With this transaction and recently announced deal with Pegasus PartnersLido's total assets will grow to about $27 billion to $28 billion.
“This further strengthens our position in the Colorado market,” said Jason Ozur, CEO of Lido Advisors, in an exclusive interview with WealthManagement.com.
About a year and a half ago, Lido acquired Colorado Financial Managementa 26-person firm with offices in Denver, Boulder and Loveland, Colo., with approximately $2 billion in assets.
The Platte River deal, structured as a mix of cash and equity, also deepens Lido's talent bench.
“Our M&A strategy has always been about adding top-level professionals and strategically expanding our geographic footprint in key regions, and this team embodies that vision,” said Ozur.
The team is led by Tyler Olsen, president and wealth advisor, who holds a CFP and CPA; and Warren Baker, director of investment strategy, who also holds a CFA. Olsen founded the firm in 2019 after breaking away from Wells Fargo Advisors. Both will become partners at Lido, and the rest of their team will join RIA.
Lido has nearly 100 different company owners, about 45% to 50% of whom are employees.
This represents Lido's third deal this year, and Ozur expects the firm to close one or two more before the end of 2024.
Los Angeles-based Lido was founded in 1999 and has 15 physical offices nationwide. It serves more than 4,700 customers. Private equity firm Charlesbank Capital Partners is the majority owner of Lido, after buying her shares in RIA in 2021. Charlesbank oversaw investments for Harvard University's funding before returning as a middle market PE investor.
Since Charlesbank took a majority stake, the firm's assets under management have grown from about $6 billion to $24 billion as of Sept. 30.
At the beginning of this year, Lido sold a small stake to Constellation Wealth Capitalprivate equity firm founded by former Emigrant Partners CEO Karl Heckenberg. Constellation was launched in 2023 and has invested in two California-based firms in addition to Lido.
Days before Lido's announcement, $6.5 billion AUM Bay Area-based Perigon Wealth became Constellation's second partner in California, as Constellation invested $2.6 billion in the firm AlphaCore Wealth Advisory the end of last year.
In June, Lido made the first deal after it sold the Constellation stake when it bought Shore Morgan Young, a $615 million RIA based in New Albany, Ohio (which has become known as “The Silicon Heartland” and is seen as an emerging tech hub).