Conshohocken, PA, April 2, 2024 – Rosemont, a private investor in employee-owned asset and wealth management firms, announces the sale of its stake in Wilbanks Smith & Thomas Asset Management (“WST”) through WST’s merger with former Rosemont partner Clearstead Advisors (“Clearstead”). The transaction represents another step towards the completion of Rosemont’s pivot to solely permanent capital investing and supports the merger of two successful investment franchises into a leading wealth management/advisory business with broad geographic reach and over $44 billion under advisement.
Rosemont, which began investing permanent capital exclusively in 2018, is in the late stages of winding down its third and final private equity fund. The WST divestment represents the fund’s sixth realization and leaves two legacy investments. Rosemont’s permanent capital portfolio—the focus of all ongoing investment activity—currently has three partnerships, all of which sit on Rosemont’s balance sheet and are intended to be held indefinitely.
The merger between Clearstead and WST resulted from both the introduction and guidance by Rosemont, which exited its investment in Clearstead in 2022 through a majority sale to private equity firm Flexpoint Ford. Having been partners with both parties and understanding their strategic and cultural objectives, Rosemont recognized the fit and connected the principals. The leaders of both organizations soon united on a vision.
“The combination of WST and Clearstead is a terrific example of the Rosemont network in action,” Brad Mook, managing director at Rosemont, said. “Both firms had success during their Rosemont tenure, and each had greater ambitions. Knowing the industry as we do and understanding each firm’s objectives, bringing the two firms together made perfect sense. This is a case of one plus one equaling three, and Rosemont’s exit was merely a byproduct.”
About Rosemont
Rosemont is a specialist minority equity investor exclusively focused on a select number of partnerships with high-quality, employee-owned asset and wealth management companies. Rosemont acquires minority equity positions in support of management buyouts, recapitalizations, ownership transitions, and selected start-ups. In addition to its experience providing capital and employee-driven ownership solutions, Rosemont leverages its deep network and knowledge of the investment management industry developed through more than 35 years of advising and investing in asset and wealth management businesses. For more information, visit www.rosemontinv.com.
About WST
Wilbanks Smith & Thomas Asset Management, LLC is an SEC-registered investment advisory firm based in Norfolk, Virginia, that manages or advises over $5 billion in assets across wealth management, institutional advisory consulting, and advisor solutions (sub-advisory) channels. www.wstam.com
About Clearstead
Clearstead Advisors LLC is a private client and institutional financial advisory firm headquartered in Cleveland, Ohio. The firm advises nearly $40 billion for endowments and foundations, retirement funds, healthcare organizations and individuals, families, and related entities. www.clearstead.com