Lido Advisors is expanding its presence in Los Angeles by acquiring Avitas Wealth Management, a $1.1 billion firm that focuses on working with multigenerational families.
In a statement about the deal, Lido president Ken Stern underscored the two firms' “common roots” in Los Angeles, while CEO Jason Ozur called Avitas a “seamless fit” for the $24 billion Lido Advisors.
“Cultural alignment and the opportunity to further strengthen our home base in Los Angeles made this partnership an obvious choice to help us grow our clientele by providing them with exceptional investment and wealth management,” said Ozur.
Avitas was founded over 20 years ago and includes principal partners Eric Taslitz, Catherine Gerst and Greg Satz.
Lido Advisors was founded in 1999. It currently has approximately 130 advisors and more than 30 offices nationwide. The firm provides financial planning, investment management and third-party tax, trust and wealth services to more than 4,700 clients.
At the beginning of this year, Lido became the third RIA to sell a minority stake to Constellation Wealth Capital, a private equity firm founded by former Emigrant Partners CEO Karl Heckenberg. The new interest teamed up with Lido's majority owner, Charlesbank Capital Partners, to boost the firm's M&A capability, among other initiatives (since Charlesbank took its stake, the firm's AUM has grown from about $6 billion dollars to $24 billion).
in October, Lido made its biggest deal since Constellation's investment acquiring Wisconsin-based Pegasus Partners, with more than $3 billion in assets under management. The firm's 22 employees joined Lido in the deal, with most becoming partners (for the first post-Constellation deal, Lido bought a $615 million Ohio-based firm in June).
At the end of October, Lido acquired Platte River Wealth Advisorsa Louisville, Colo.-based RIA with over $600 million in assets under management. The Avita acquisition makes four deals in total for the year so far.