Deal expands the footprint of Congress and enhances the combined firm’s service offering for HNW and UHNW clients
BOSTON & PHILADELPHIA–(BUSINESS WIRE)–Congress Wealth Management LLC (“Congress”), a Boston-based, independent registered investment advisor (“RIA”), today announced the acquisition of MainLine Private Wealth LLC (“MainLine”), a Wynnewood, Pennsylvania-based RIA with approximately $1.1 billion of assets under management. Terms of the deal are not disclosed.
“We’re excited to welcome the MainLine team and the firm’s clients to the Congress platform,” noted Paul Lonergan, Chief Executive Officer of Congress. “The cultural fit of this combination is compelling. Like Congress, MainLine embraces a customized, comprehensive approach to client service that delivers the responsiveness of a small independent firm with the sophistication and breadth of a larger institution.”
“As we build out our national presence, MainLine’s strong position in Philadelphia, with a client base extending across the country, is particularly attractive,” added Scott Dell’Orfano, Chief Strategic Officer, at Congress. “Our combined capabilities and the collective experience of our advisors and teams should augment the service levels and attentiveness our clients have come to expect.”
The acquisition represents the first add-on for Congress since Audax Private Equity completed a strategic investment in the firm in June of this year. Prior to the investment, Congress had completed six acquisitions since 2019.
The addition of MainLine, which primarily serves high-net-worth and ultra-high-net-worth clients, now gives the combined firm a total of $6.7 billion of assets under management and eight offices as far South as Miami, FL, and as far West as Avila Beach, CA.
“We’re looking forward to joining the Congress team and truly excited about the opportunity set in front of our business,” noted Gary Droz, Co-Founder and Managing Director of MainLine. “Congress provides a scaled platform and a shared collaborative and authentic philosophy. As the industry at large gravitates away from commission-based models, this approach should help us attract and retain new business, while providing the perceptive advisory and attentive service clients have come to expect.”
The deal closed earlier in September.
ABOUT CONGRESS WEALTH MANAGEMENT:
Congress Wealth Management is a Boston-based, SEC-registered investment management firm, developing innovative wealth solutions for high-net-worth and ultra-high-net-worth individuals, families, foundations and endowments. Registration does not imply a certain level of skill or training. Congress provides a fully integrated approach to financial planning and investment consulting and management, with specialty services tailored to each client’s unique needs to protect and grow assets through superior service and sound, objective advice.
Contacts
Scott Dell’Orfano
Congress Wealth Management
[email protected]
