MAI Capital Management LLC, an independent RIA and wealth management firm headquartered in Cleveland, has acquired Grisanti Capital Management LLC (GCM) in an all-equity transaction, the companies announced earlier this week.

The acquisition closed on May 15, 2020, and will increase MAI’s assets under management by over $225 million. As of April 30, 2020, MAI’s assets under management totaled approximately $6.7 billion.

The deal, based on a decades-long friendship and professional relationship between GCM founder Christopher Grisanti and MAI managing partner Rick Buoncore, builds on MAI’s recent expansion to New York City and adds an experienced team of investment professionals to MAI’s ranks, according to Buoncore, who discussed the transaction in the news release.

“We continue to be strategic in our growth, and the acquisition of GCM is a strong example of our approach,” Buoncore said. “Chris and I have been friends for many years, and his client-centric vision aligns perfectly with MAI’s philosophy. The GCM team brings an established portfolio management style that exemplifies MAI’s commitment to long-term success for clients.”

Under the terms of the deal, Grisanti, formerly CEO of GCM, will assume the role of chief equity strategist and senior portfolio manager at MAI. In this position, he will oversee the construction of MAI’s equity products and continue his role as a portfolio manager. Grisanti’s GCM team members—Rashida Alexander, Suzanne Fawbush, Tom Marra and Mike Pietzak—will join him at MAI.

“As economies of scale became increasingly desirable, we searched for years to find the perfect partner,” Grisanti said in the news release. “MAI offers an abundance of resources while also granting us the freedom to continue nurturing long-standing relationships with our clients.”

This is MAI’s first acquisition of 2020 and its seventh since July 2017, when Wealth Partners Capital Group (WPCG), a financial services holding company headquartered in Palm Beach, Fla., made a strategic minority investment in MAI.

Last year, MAI completed five transactions, including MTX Wealth Management in Reston, Va.; John D. Dovich & Associates in Cincinnati; and J.M. Hartwell in New York City. MAI also entered into a joint venture with Curi to establish Curi Capital in Raleigh, N.C., a full-service financial advisory firm that caters to the physician community.

Financial and legal terms of MAI’s transaction with GCM were not disclosed.