Private-equity firm acquires stake in Mercer Advisors

Private-equity firm Oak Hill Capital is buying a stake in Mercer Advisors, a registered investment adviser with $16.5 billion assets under management, from current owners Genstar Capital and Lovell Minnick Partners. When Genstar first invested in the firm in 2015, Mercer managed less than $5.8 billion. Under Genstar and Lovell Minnick's ownership, Mercer completed 23 acquisitions of other advisory firms, most recently a $300 million firm in Woodbridge, Conn. [Recommended video: 3 big challenges facing advisers now] Based in Denver, Mercer is the largest fee-only RIA in the state of Colorado and one of the largest fee-only RIAs in the U.S. Genstar will be staying on as an investor and partner, Mercer CEO Dave Welling said in a statement. [More: Lessons learned from 21 deals] "Our future is even brighter with Oak Hill being added as a strategic investor," Mr. Welling added