Beacon Pointe, the parent company of Beacon Pointe Advisors, says that private equity firm KKR has agreed to invest in the company.

The investment will give Beacon Pointe capital for further expansion, including through new office openings and acquisitions, according to the firm. Beacon Pointe says it is keeping its brand and executive team intact.

As part of the transaction, the Beacon Pointe team will also retain more than 50% of the firm while private equity shop Abry Partners — which took a minority stake in Beacon Pointe in March 2020 — will exit its investment, according to the company.

"We are grateful to Abry for their support as an early investor in our business and we are very excited for a bright future ahead with our new strategic partner, KKR," Commie Stevens, Beacon Pointe chief practice officer, said in a statement.

The companies didn’t disclose the financial terms of the deal.

Founded in 2002, Beacon Pointe Advisors has been steadily acquiring wealth management practices in recent years, adding its 25th — a Seattle-based firm with $500 million — this summer. In the spring, Beacon Pointe also acquired a Texas-based registered investment advisor firm overseeing more than $1 billion.

Over the past 18 months, Beacon Pointe Advisors has doubled its client assets to more than $20 billion, the company says. The firm says its more than 110 financial advisors serve more than 10,000 clients from 27 offices across the country.

"With the support of KKR's deep experience and resources, Beacon Pointe will have the opportunity to further invest in the business and continue to expand our footprint across the nation,” Beacon Pointe chief executive officer Shannon Eusey said in a statement.

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