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The Beacon Pointe team will own the other 50% of the company going forward. Abry Partners, which invested in Beacon Pointe in March, 2020, will exit its minority stake as a result of the KKR transaction.
“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,” co-founder and chief executive Shannon Eusey said in a statement.
Founded in 2002, Beacon Pointe is one of the largest independent registered investment advisory (RIA) firms in the nation with over $20 billion in assets under management. KKR (NYSE: KKR) is a Wall Street investment firm valued at $45 billion and with $429 billion in assets under management.
(For more details, see the Nov. 22 print edition of the Orange County Business Journal.)