Caprock, a Boise, Idaho-based RIA network for ultra high net worth clients, is acquiring Grey Street Capital, a boutique advisory firm in Chicago.
The terms of the deal were not announced, but the purchase is Caprock’s first acquisition and signifies the start of a new growth strategy, said Caprock co-CEO Gregory Brown in a statement. “This acquisition sets a high bar for finding future partners and demonstrates our commitment to growing organically while maintaining the integrity of the services we provide,” he added.
Launched in 2005, Caprock serves some 300 wealthy families with an aggregate of $9 billion in assets under administration. Part of its approach involves expertise in private markets, where it manages more than $4 billion in investments, including private equity, venture capital, real estate, and private credit. It is privately held and has offices nationwide.
Grey Street, founded in 2017, is a full-service financial advisory for some 80 high net worth clients across the country, representing more than $2.2 billion in total assets.
The combined firm, which will operate under the Caprock brand, will have in excess of $11 billion in assets under advisement. “Joining the Caprock team means our advisors and clients will now have access to an even greater toolset,” said Jay Page, Grey Street’s cofounder and CEO, in a statement. “Just as important, our firms have shared values and a similar client-first approach to wealth management, a contrast with others who tend to limit themselves to model portfolios filled with liquid assets.”
Brown concurred. “Caprock and Grey Street fit very well with each other, as both firms are focused on providing sophisticated solutions to a select number of ultra-affluent families,” he said in the statement, adding, “We look forward to quickly integrating the Grey Street team into Caprock and growing together in the future.”
The two firms pride themselves on being aligned in business models, expertise, and investment philosophies. Together they will also have a broader geographic footprint. Besides Boise, Caprock has offices in New York City; Austin, Tex.; Seattle; Park City, Utah; and the California cities of San Jose and Newport Beach. The acquisition adds Grey Street’s sites in Chicago; Scottsdale, Ariz.; Winter Park, Fla.; and Morris County, N.J.
“Whether it’s this acquisition or any future transactions, the most important thing is that the quality of the service our clients experience never gets compromised,” said Caprock co-CEO Bill Gilbert, in a statement. “Rather, the goal is to enhance it. To that end, we will continue to be intentional about growth to ensure we always maintain alignment between our firm, our team, and the clients we serve.”