The latest mergers, acquisitions and other corporate actions in the wealth management sector.

Stonepeak, Boundary Street Capital
Stonepeak, an infrastructure investment house headquartered in New York, has agreed to buy Boundary Street Capital, a private credit investment manager.

Boundary concentrates on the digital infrastructure, enterprise infrastructure software, and technology services sectors in the lower middle market. It has more than $700 million of capital commitments.

The transaction, the financial terms of which were not disclosed, is expected to close in the fourth quarter of 2024 subject to customary and regulatory approvals. 

Paul, Weiss, Rifkind, Wharton & Garrison and Simpson Thacher & Bartlett served as legal counsel to Stonepeak. Hogan Lovells served as legal counsel to Boundary Street.

Stonepeak’s credit business has invested in private and secondary infrastructure credit since 2018. 

“We continue to see compelling investment opportunities within the credit space, especially as it relates to digital infrastructure, which has long been one of Stonepeak’s most active sectors,” Jack Howell, co-president of Stonepeak, said.

Stonepeak has about $70 billion of AuM. Besides its New York HQ, it has offices in Houston, London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, and Abu Dhabi. 

Waverly Advisors
Waverly Advisors, an RIA, has bought Dayton, Ohio-headquartered Buckingham Advisors.

The partnership marks Waverly’s second acquisition in Ohio since it bought 9258 Wealth Management last month and adds four locations to Waverly’s footprint in the US.

The financial and legal terms of the deal were not disclosed.

Buckingham was founded in 1987 by Jay Buckingham. Buckingham and his team of 38 professionals will be joining Waverly â€“ adding around $900 million to Waverly’s AuM, taking it to $15.5 billion. 

Buckingham will serve as regional director at Waverly, along with Jeff Groezinger. Buckingham’s founder will also serve as managing director of the newly-introduced Waverly Business Services, which will offer clients a greater depth of tax planning expertise and add tax preparation and business services to Waverly’s client offerings.

Waverley has made 19 transactions – including the Buckingham deal – since Wealth Partners Capital Group and HGGC’s Aspire Holdings platform made an equity investment into the business in 2021.