Nesvold Capital Partners announced that it will take a minority stake in $2.7 billion AUM, California-based RIA Pure Financial Advisors.
The Pure deal becomes the merchant bank’s second minority stake acquisition since it was launched last month by Peter Nesvold, formerly an investment banker with Raymond James Financial.
"Pure has distinguished itself as one of the fastest growing RIAs, both before and during the Covid-19 pandemic," said Nesvold in released comments yesterday. "The firm has built one of the best in-bound lead generation models the wealth management industry has seen. This model has enabled Pure to flourish even during periods of extreme market volatility."
Nesvold Capital Partners was founded to make strategic investments in growing asset- and wealth-management firms, according to a company press release.
Additional terms of the deal were not disclosed.
In May, Pure Financial Advisors received another investment related to its future growth. Emigrant Partners, which is the private equity subsidiary of New York Private Bank and Trust, took a minority stake in Pure for an undisclosed amount. Over the past several months, Emigrant Partners has taken the RIA M&A helm at New York Private Bank and Trust from Fiduciary Network.