Omaha, Neb.-based Avior Wealth Management. sold a minority stake to Constellation Wealth Capital, private equity firm founded by former Emigrant Partners CEO Karl Heckenberg late last year to invest in the growing channel.
Avior represents Constellation's seventh deal to date, with a total of approximately $110 billion in assets under management.
“This investment allows us to focus on meaningful inorganic growth initiatives, create new organic growth channels and deliver operational efficiencies across our business,” CEO Britt Campbell said in a statement. “With CWC as a partner, we are able to maintain control and ownership of our organization, create opportunities for broader equity participation, and continue to invest in the talent that makes Avior so special.”
Avior, which manages approximately $4.1 billion in client assets in 13 U.S. locations, provides wealth management, tax and accounting services. It has a network of in-house CPA firms that provide a client line to its advisors. Late last year, the firm hired Kelli Mehrens, most recently head of PayPal's risk governance and compliance program, as its first COO. Brandon Kanoy, former controller at Sana, joined as CFO.
The RIA was founded in 2008 as Nelson, Van Denburg & Campbell Wealth Management Group, but was renamed in 2021 to Avior.
Launched last year, Constellation is on a mission to buy minority stakes in high-performing firms and provide them with the cash, resources and expertise needed to take them to the next level of growth.
The firm has bought stakes in a number of large RIAs since then, including Los Angeles-based Lido Advisorswith $19 billion in AUM and AlTi Tiedemann Global, an international publicly traded wealth management and alternative investment corporation with approximately $68 billion in assets across its subsidiaries.
Park Sutton Advisors served as Avior's advisor on the deal.