May 2, 2024
Conshohocken, PA, May 2, 2024 – Rosemont, a private investor in employee-owned asset and wealth management firms, today announced a minority investment in Northside Capital Management, LLC, an outsourced investment manager for ultra-high net worth families. Headquartered in Hood River, Oregon, Northside had in excess of $5.2 billion in assets under management and advisement at the end of 2023.
Rosemont’s investment in Northside is a recapitalization intended to support the company’s stability and commitment to independence. As a minority investor, Rosemont will provide guidance on all aspects of the business, as well as enhanced governance.
“We carefully considered our choice of partner before selecting Rosemont,” said Jim DeWolfe, Managing Member and President of Northside. “In the end, we valued Rosemont’s industry expertise, its experience collaborating with firms like ours, and its permanent capital and minority orientation. Having Rosemont’s support ensures that our clients will continue to receive the same quality of advice and level of service indefinitely into the future.”
“Northside provides a distinctive offering to its client families,” said Brad Mook, Managing Director at Rosemont. “We appreciate Northside’s institutional-caliber investment and portfolio management capabilities along with the customization and tailored services their clients receive. We see increasing demand for these types of services from independent, conflict-free firms, and we are pleased to partner with Jim and his colleagues to sustain and enhance their efforts.”
This is the fourth permanent capital investment by Rosemont, which made twenty-six similar investments through private equity funds before converting to permanent capital investing six years ago.
Cozen O’Connor served as legal representative to Rosemont and Winston & Strawn served as legal representative to Northside. Terms of the transaction were not disclosed.
About Rosemont
Rosemont is a specialist investor exclusively focused on a select number of partnerships with high-quality, employee-owned asset and wealth management companies. Rosemont acquires permanent 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 Northside Capital Management
Northside Capital Management, LLC serves as an outsourced investment manager for family offices, high-net-worth individuals, endowments, foundations, and tax-exempt entities. Founded in 1996, Northside is headquartered in Hood River, Oregon, and has offices in Ketchum, Idaho, and San Mateo, California. For more information visit www.northsidecap.com.
April 11, 2024
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
January 8, 2024
Conshohocken, PA, January 8, 2024 – Rosemont Investment Group, LLC (“Rosemont”) is pleased to announce that Chris Banholzer has joined Rosemont as Director of Investments. Chris will lead research on industry best practices and trends, engage with Rosemont’s investment partners, assist with due diligence and support Rosemont’s internal operations.
Chris joins Rosemont from RAJ Capital Management (“RAJ”), a single-family office where he was Senior Director of Operations. At RAJ, Chris contributed cross-functionally to multiple investment businesses, alternatives and real estate portfolios and led a number of strategic projects.
Prior to joining RAJ, Chris was an Associate on the investment team at Nuvest Ventures, a boutique investment and advisory firm. Chris also spent over three years at Apollo Global Management, Inc., within the Insurance Solutions Group (formerly Athene Asset Management), where he focused on the analysis and execution of annuity, pension and life insurance mergers & acquisitions for Athene Holding Ltd. Chris began his career as an investment banking analyst at Drexel Hamilton, providing advisory and capital raising services to emerging growth businesses across several industries. Chris holds a Bachelor of Science in Economics from the College of Charleston.
“We are thrilled to add Chris to the Rosemont team,” said Brad Mook, Managing Director at Rosemont. “His family office background and knowledge of the investment ecosystem will enhance the value we provide our investment partners. Chris is a high-character individual whose patient, relationship-oriented, alignment-seeking approach matches our own. I have no doubt that Chris will have positive impact.”
“Rosemont has carved a tenured niche as a supportive partner to employee-led investment firms,” said Chris Banholzer, “and its indefinite horizon and structural alignment with its partners is unique. Rosemont is building something special, and I am excited to join the team.”
About Rosemont
Rosemont is a specialist investor exclusively focused on a select number of partnerships with high-quality, employee-owned asset and wealth management companies. Rosemont acquires permanent 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 30 years of advising and investing in asset and wealth management businesses. For more information, visit www.rosemontinv.com.
June 27, 2023
Investment Supports Long-Term Succession and Independence
Conshohocken, PA, [June 27, 2023] – Rosemont, a private investor in employee-owned asset and wealth management firms, announces a minority investment in Landmark Management, LLC, a multi-family office with more than $4 billion in assets under management. Located in New York City, Landmark provides investment management, accounting and tax preparation services for a limited number of ultra-high net worth families.
The recapitalization is designed to support the company’s gradual transition to next-generation leadership and to ensure its independence and continuity far into the future. As a minority investor, Rosemont will contribute guidance and governance as both the company and its clients navigate generational transition in the years and decades ahead.
“We are thrilled to form this partnership with Landmark—which in many respects represents the ideal Rosemont investment—after several years of discussions,” Brad Mook, managing director at Rosemont said. “Landmark has provided distinctive investment advice and valuable services to a limited number of enduring client families over a long period of time. With Rosemont’s support, it will continue serving these families as well or better for many years to come.”
“We carefully considered our choice of partner before selecting Rosemont,” Earl “Trip” Samson III, founder and co-managing partner of Landmark said. “In the end, we valued Rosemont’s indefinite investment horizon, its industry expertise and its experience partnering with firms like ours. We have been very thoughtful and deliberate with our succession planning to ensure the best outcome for our clients, and having Rosemont as an aligned minority investor and adviser puts the firm on excellent footing to evolve with our client families.”
This is the third permanent capital investment by Rosemont, following 26 private equity investments over the past 21 years. Berkshire Global Advisors served as financial advisor to Landmark Management, LLC. Cozen O’Connor served as legal representative to Rosemont and DLA Piper served as legal representative to Landmark. Terms of the transaction were not disclosed.
About Rosemont
Rosemont is a specialist investor exclusively focused on a select number of partnerships with high-quality, employee-owned asset and wealth management companies. Rosemont acquires permanent 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 30 years of advising and investing in asset and wealth management businesses. For more information visit www.rosemontinv.com.
About Landmark Management
Landmark Management, LLC, is a fee-only SEC-registered investment adviser serving a small, select group of very high net worth individual and family clients. For over 20 years, Landmark has been dedicated to the goal of providing objective, institutional-quality advisory services and access to the best available talent to meet each client’s investment needs. We employ a highly personalized approach based on open, honest communication and a deep understanding of each client’s long-term financial objectives, with the ultimate goal of becoming a trusted advisor to multiple generations of our client families. For more information visit www.landmark-mgmt.com.
Press Contact
Alexa Bartusiak
Public Relations Manager
Wealth Matters Consulting
(412) 519-7265
ajb@wealthmattersconsulting.com
February 8, 2022
Investment Supports Partner Succession and Ongoing Independence
Conshohocken, PA, February 8, 2022 – Rosemont, a private investor in employee-owned asset and wealth management firms, announces a minority investment in Veris Wealth Partners, a majority employee-owned and women-led impact wealth management firm with more than $2 billion in assets under management. The recapitalization is designed to support the company’s internal equity transition to next-generation leaders and to ensure its independence for many years to come. Importantly, there will be no changes to the day-to-day management of the firm as a result of the transaction.
Veris Wealth Partners builds customized, diversified portfolios for its clients that focus on creating social and environmental impact in specific thematic areas, while also striving to meet its clients’ financial and lifestyle goals. The firm’s current impact themes are Climate Solutions and the Environment, Sustainable and Regenerative Agriculture, Racial and Gender Equity, and Community Wealth Building.
“We are extremely pleased to partner with Veris,” said Brad Mook, Managing Director at Rosemont. “Veris has a long legacy as a leader in impact investing since 2007 and is distinguished by its authenticity and strong partnership culture. It’s a compelling choice for wealth owners looking for high-caliber investment management and private wealth planning and the ability to use their resources for positive change. We look forward to working with the Veris team long into the future.”
“Rosemont is the ideal partner for Veris,” said Stephanie Cohn Rupp, Partner and CEO of Veris Wealth Partners. “The ability to remain majority employee-owned and women-led is a priority for us, and Rosemont’s minority and patient-capital ownership model guarantees Veris will control its own destiny well into the future. Moreover, as experienced wealth management specialists, they will help us grow sustainably and remain at the forefront of impact investing.”
This is the second permanent capital investment by Rosemont, following 27 private equity investments over the past 21 years.
Cozen O’Connor served as legal representative to Rosemont and Lipsey Law served as legal representative to Veris Wealth Partners.
Terms of the transaction were not disclosed.
About Rosemont
Rosemont is a specialist investor exclusively focused on a select number of partnerships with high-quality, employee-owned asset and wealth management companies. Rosemont acquires permanent 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 30 years of advising and investing in asset and wealth management businesses. For more information visit www.rosemontinv.com.
About Veris Wealth Partners
Veris Wealth Partners, LLC is one of the nation’s leading impact wealth management firms founded in 2007. Veris helps individuals, families and private foundations achieve their financial objectives, while aligning their wealth with their values. The Veris team believes that investment performance and positive impact are complementary parts of a holistic investment strategy. A Certified B Corp, Veris Wealth Partners has been named a “Best for the World” company by B Lab every year since 2013. Veris has offices in San Francisco, New York, Portsmouth, and Boulder. For more information visit www.veriswp.com.
December 6, 2021
Foundry Partners Becomes 100% Employee Owned
Conshohocken, PA, December 6, 2021 – Rosemont, a private investor in employee-owned asset and wealth management firms, announces the sale of Rosemont Partners III, LP’s minority equity interest in Foundry Partners, an institutional asset management boutique with approximately $3.1 billion in assets under management and advisory as of September 30, 2021. Foundry acquired Rosemont’s stake as the final stage in a years-long strategy to become 100% employee owned for the first time in its history.
Foundry was founded in 2013 through a Rosemont-backed management buyout from Fifth Third Asset Management and has since established itself as a leading boutique provider of domestic value equity strategies. Rosemont initially provided funding and organizational assistance for the MBO, and in the years since, has provided strategic insight to help with areas such as acquisitions, business development, operations, contract negotiation, and product strategy. Moreover, the structure of the partnership allowed Foundry management to increase its equity ownership over time based on the achievement of certain financial milestones, paving the way for the purchase of Rosemont’s remaining stake.
“Rosemont got us started,” said Timothy P. Ford, President and CEO of Foundry Partners LLC. “Their knowledge and support helped us navigate the exit from Fifth Third Asset Management and land on our feet, and we’ve since proven our ability to successfully manage the business and serve our clients. Rosemont has also provided valuable advice through the years, helping us with acquisitions, product strategy, and a number of other topics.”
“We have enjoyed a long and productive relationship with Foundry over the past eight years,” said Brad Mook, Managing Director at Rosemont. “It is gratifying to see the company reach this milestone and is a testament to Foundry’s entrepreneurialism and the strength of its client relationships. As specialized partners to successful employee-owned investment firms like Foundry, we support the company’s desire to be 100% employee-owned and wish it well in the future.”
The transaction represents the third realization for Rosemont Partners III, LP in 2021.
About Rosemont
Rosemont is a specialist investor exclusively focused on a select number of partnerships with high-quality, employee-owned asset and wealth management companies. Rosemont acquires permanent 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 30 years of advising and investing in asset and wealth management businesses. For more information visit www.rosemontinv.com
About Foundry Partners LLC
Foundry Partners LLC maintains offices in Minneapolis, MN and Cleveland, OH with 20 employees, 17 of which are partners. We offer our clients active value and growth investment strategies. As of September 30, 2021, the firm had $3.13 billion in total assets with $2.86 billion in discretionary assets and $273 million in in model-based/non-discretionary assets.
Press Contact
Mary Victoria Falzarano
Public Relations Manager
Wealth Matters Consulting
(561) 578-0697
mvf@wealthmattersconsulting.com
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