Lido Advisors is expanding its presence in Los Angeles by acquiring Avitas Wealth Management, a $1.1 billion firm that focuses on working with multigenerational families.
In a statement about the deal, Lido President Ken Stern underscored the two firm’s “common roots” in Los Angeles, while CEO Jason Ozur called Avitas a “seamless fit” for the $24 billion Lido Advisors.
“The cultural alignment and the opportunity to further strengthen our home base in Los Angeles made this partnership an obvious choice to help us grow our clientele while providing them with exceptional investment and wealth management,” Ozur said.
Avitas was founded over 20 years ago and includes lead partners Eric Taslitz, Catherine Gerst and Greg Satz.
Lido Advisors was founded in 1999. It currently has about 130 advisors and more than 30 offices nationwide. The firm offers financial planning, investment management and third-party tax, trust and estate services to more than 4,700 clients.
Earlier this year, Lido became the third RIA to sell a minority stake to Constellation Wealth Capital, a private equity company founded by former Emigrant Partners CEO Karl Heckenberg. The new stakeholder joined Lido’s majority owner Charlesbank Capital Partners, to boost the firm’s M&A capability, among other initiatives (since Charlesbank took its stake, the firm’s AUM has grown from about $6 billion to $24 billion).
In October, Lido made its largest deal since Constellation’s investment by acquiring the Wisconsin-based Pegasus Partners, with more than $3 billion in managed assets. The firm’s 22 employees joined Lido in the deal, with most becoming partners (for its first post-Constellation deal, Lido acquired a $615 million Ohio-based firm in June).
In late October, Lido acquired Platte River Wealth Advisors, a Louisville, Colo.-based RIA, with over $600 million in managed assets. The Avitas acquisition makes four total deals for the year thus far.
