Merchant Investment Management LLC, a New York City-based private partnership providing growth capital to independent financial services companies, has acquired a minority, non-controlling stake in Baldwin Brothers LLC, a registered investment advisor in Marion, Mass., the companies recently announced.
Baldwin Brothers, a $1.2 billion firm founded in 1974, has a four-decade legacy of providing its clients with socially conscious ESG investment strategies. Through the firm’s partnership with Merchant, its leaders—CEO John Mannix, founder and partner Michael Baldwin, and managing partners Bill Marvel and Taylor Baldwin—said they hope to accelerate the firm’s growth initiatives while preserving their independence and value proposition.
“We sought a collaborative, strategic partner to build on our outstanding foundation,” Mannix said in a news release. “Merchant will play a critical role in securing our future as an independent firm and advancing our long-term continuity and growth plans.”
Tim Bello, managing partner at Merchant, said via email that his firm has made a career from helping firms grow and that taking minority stakes in companies plays to its strengths. "We don’t want to be in the business of operating RIAs day-to-day. We’re looking to enhance what they’re already good at. For Baldwin Brothers, this is a permanent, durable investment to solidify their succession plans and foster growth. This is a true commitment to Baldwin Brothers for the long term."
Bello added that Merchant has invested in five new hub partner firms this year, and he expects the firm to continue its investment activity through year end.
Bello said that since his firm’s founding in June 2017, Merchant has aligned with more than 25 partners nationwide, managing more than $25 billion in assets.
Financial details of Merchant’s transaction with Baldwin Brothers were not disclosed.