Atlanta-based Homrich Berg is acquiring WMS Partners, a $6.4 billion multifamily office and RIA in Maryland. This will bring the firm's total assets under management to over $24 billion.
Tyson, Md.-based WMS Partners. will become part of the Homrich Berg Family Office. WMS was founded in 1993 by Tim Chase, David Citron and Martin Eby and currently has over 80 employees and partners providing a range of wealth management and family office services to clients in the high net worth to ultra high net worth range. net. .
According to Homrich Berg President and CEO Thomas Carroll, the two firms share a “unique approach to advanced planning and private market investing,” and the addition of WMS Partners will assist Homrich Berg in its goal of becoming “the premier independent only with RIA fees”. in the plus southeast region.”
WMS Partners already enjoyed a long-standing relationship with Homrich Berg, according to WMS CEO Todd Wickwire, and the acquisition will mean that 21 WMS shareholders will become owners in Homrich Berg, bringing the firm's total to over 70 shareholders. As a result of the deal, Homrich Berg's footprint will expand to 10 offices in five states with over 300 employees.
In September, Homrich Berg executives opted to sell a small stake in the firm to TPG Growth, the middle market and growth equity platform of San Francisco-based private equity firm TPG. According to Reuters, the deal valued the RIA at about $1 billion.
The firm is also backed by New Mountain Strategic Equity, an affiliate of private equity firm New Mountain Capital. which made its minority investment in 2021. New Mountain held its stake in the wake of the TPG deal. In 2022, Homrich Berg finished a debt capital round raising $75 million in a multi-bank syndicate led by First Citizens Bank, allowing the firm's owners to retain majority control.
Carroll took over the role of CEO of Homrich Berg earlier this year. He succeeded Andy Berg, who would lead the firm since its inception. The move was part of a planned transition that began when Carroll was hired in 2020 and Berg remained as chairman of the firm's board.
in April, Homrich hired Andrew Page to drive the firm's M&A activity. Page previously worked in direct investment and underwriting at Focus Financial for five years before moving to Ancora Holdings, a partner firm of Focus, in 2022, where he oversaw the firm's M&A. The WMS deal is the first acquisition under Page's tenure.
Homrich Berg also hired Michael Woocherwho had spent nine years at Bernstein Private Wealth Management, as the newly created chief advisory officer. In September, the firm hired Joanna Irwin as chief marketing officer. She replaced Bill Bolen, who returned to focus on customer service. last month, firm added $4 billion Tampa, Fla. the team was joined by Truist, becoming Homrich Berg's second office in the Sunshine State.
Berg co-founded the firm in 1989 with David Homrich, with the help of a $100,000 loan from Homrich's father. The pair managed less than $10 million for the firm's first decade.
Yet by the time Home Depot co-founder Arthur Blank lured Homrich to help him build a family office in 2001, the firm managed about $500 million in client assets. Now, the firm operates as a regional integrator, working with more than 3,600 families nationwide.
The WMS deal is expected to close early in the first quarter of 2025.