The is the first time the Florida-based business has bought another platform business, taking total AuM to $28.6 billion.

Tampa, Florida-headquartered Concurrent Investment Advisors has acquired Spire Investment Partners, a platform that serves US independent financial professionals. This is the first time Concurrent has purchased another platform business, a sign of consolidation and a battle for scale in this area.

Spire brings approximately $5.4 billion in total assets across business lines and more than 30 advisor teams to Concurrent. With the addition of Spire, Concurrent has reached $28.6 billion in assets under management, up from $16.8 billion at the start of the year. Concurrent also has $18 billion in corporate retirement plan assets under advisement. 

The deal adds a home office presence in Northern Virginia and extends Concurrent's advisor footprint to 33 states.

The transaction, for an undisclosed sum, was structured as an asset purchase and closed on September 30. 

Founded in 1997, Spire is headquartered in McLean, Virginia. In recent years, Spire expanded its offering to support third-party RIAs. Concurrent provides the path Spire sought to modernize its technology suite, Concurrent said in a statement late last week.

“Spire shares our belief that advisors work best when they have the freedom to run their own businesses and a fully integrated support system behind them. That philosophical alignment is what made this deal possible,” Nate Lenz, CEO of Concurrent said. 

David Blisk, founder and CEO of Spire, said the decision to join Concurrent was the result of listening to what Spire's advisors need for their next phase of growth.

Berkshire Global Advisors served as the financial advisor to Spire, which was represented by Seward & Kissel. Concurrent was advised by Katz Teller.