The merger marks Waverly’s 20th location in the U.S.
BIRMINGHAM, Ala. — May 21, 2024 — Waverly Advisors, LLC (“Waverly”), a federally registered investment adviser (“RIA”) that specializes in investment management, financial planning and wealth management solutions for a diverse group of high-net-worth individuals, corporate retirement plans and institutional clients, has acquired Derbend Asset Management (“Derbend”), an investment advisory business based in Peachtree City, Georgia. The transaction marks Waverly’s fourth acquisition in the state of Georgia since June 2022 and expands the firm’s footprint across the Atlanta metro area.
Derbend was founded in 2002 by Chip Beard. His partner, Brian Chustz, joined in 2019, and together they have grown the firm’s AUM to approximately $310 million. Chip and Brian will be joined by their entire team at Waverly and will become the firm’s 20th office location.
“When we met Chip and Brian, it was clear Derbend’s culture and dedication to service was a perfect fit,” said Scott Craig, Atlanta based Regional Director of Waverly. “We are excited to welcome the Derbend team and their clients to the Waverly family.”
“Derbend’s vision was to build a multidisciplinary team of advisors with expertise not only in investments but legal, tax, and financial planning,” said Chip Beard, Founder and Partner of Derbend. “Having accomplished that, the fit with Waverly only bolsters those areas which I have found more and more important to clients throughout my career.”
The acquisition of Derbend represents Waverly’s 14th transaction since accepting an equity investment in December 2021 from Wealth Partners Capital Group (“WPCG”) and HGGC’s Aspire Holdings platform. The transaction closed on May 17, 2024, and increases Waverly’s AUM to approximately $11.9 billion.
“The acquisition of Derbend brings great opportunity for continued growth at Waverly,” said Mac Selverian, WPCG Principal. “Waverly will continue to focus on partnering with premier RIAs across different markets in the U.S. as the firm executes on its mission of strategic M&A.”
Financial and legal terms of the deal will not be disclosed.
About Waverly
Waverly Advisors, LLC (“Waverly”) is a fee-only federally registered investment adviser that serves the investment management and wealth planning needs of a diverse group of clients, including high-net-worth individuals and families, corporate retirement plans, trusts, endowments, and institutions. Waverly manages approximately $11.9 billion in assets (as of 05.17.2024) and offers collaborative investment, tax, estate, and financial planning services. Founded in 1999 in Birmingham, Alabama, the company has twenty offices across the U.S. and a team of over 160 professionals who hold many of the industry’s most prestigious credentials. For more information, please visit www.waassetstg.wpengine.com.
About Wealth Partners Capital Group
Wealth Partners Capital Group (“WPCG”) is a financial services holding company, which invests in and partners with select leading wealth management firms. WPCG assists its partner firms by identifying and integrating like-minded wealth advisers who seek access to expanded business capabilities, strategic growth and/or customized transition solutions. For more information, please visit www.wealthpcg.com.
About HGGC
HGGC is a values-driven, partnership-focused private investment firm. The firm’s ecosystem of investors, operators, and professionals are united by the shared mission to develop leading enterprises and build long term value together. HGGC invests in technology, business services, financial services and consumer enterprises generally valued between $200M – $1.5B+. The firm is based in Palo Alto, CA and manages over $6.9 billion in cumulative capital commitments. Since its inception in 2007, HGGC has completed more than 600 platform investments, add-on acquisitions, recapitalizations, and liquidity events with an aggregate transaction value of over $71 billion. HGGC makes investments in RIAs via its Aspire Holdings platform, which is targeting $300 million of total investment in the space. More information, including a complete list of current and former investments, please visit www.hggc.com.
Contact:
Robyn Schubart for Waverly Advisors
Marketing Manager
Email: [email protected]
Website: www.waassetstg.wpengine.com
