Verdence Capital Advisors Sells Majority Stake to HGGC and WPCG

Maryland-based RIA Verdence Capital Advisors has sold a majority stake to Wealth Partners Capital Group, a financial services firm and HGGC, in a move to boost its M&A activity, expansion of resources and boosting growth. 

Following the deal, which is set to close next month, RIA Emigrant Partners will be selling its minority stake, and Verdence’s management team will remain shareholders, Verdence said. 

Emigrant Partners purchased its stake in Verdence in 2021, and since then, has used the capital to expand its national footprint, acquisitions, and invest widely in itstechnology platform for its clients. 

“WPCG’s track record is exceptional and we are proud to be one of the few RIAs with whom they have partnered,” Leo Kelly, CEO of Verdence, said. “Our firms share a client‑first philosophy and a belief that disciplined growth strengthens our culture, expands our capabilities and enhances the experience we deliver to clients.” 

In October, Verdence hired John Piccirilli as a director, based in Sarasota, Florida, to fuel the firm’s expansion across the state. Piccirilli is responsible for leveraging Verdence’s family office platform to boost wealth planning, estate and tax planning services to help build out the firm’s growth strategy. 

Verdence, founded in 2017, is a private wealth advisory and multi-family office. The firm also provides independent advisors with back-office support, investment research, and private market capabilities. 

Verdence has additional locations in Alexandria, Virginia, Boston, Massachusetts, Naples, and Sarasota, Florida. 

HGGC has purchased multiple stakes in firms, including Waverly Advisors, Luxembourg-based Centralis Group, and MCF Advisors. 

WPCG has also purchased stakes in various firms, including Apella Wealth, Merit Financial Advisors, and MCF Advisors. 

Verdence Capital Advisors manages about $4.6 billion in assets under management, as of December 31, the firm said.

Pictured: Leo Kelly