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AnalysisAdvisorsSuccession & selling a firmThe Multiple

RIA deal count falls 17% as $5B sellers set record, DeVoe says

Mercer Advisors refinanced $1.9 billion in a Goldman Sachs-led loan, cutting the rate by 1.75 points and saying the savings will fund acquisitions.

By the Succession & selling a firm desk8 min read

At a glance

  1. DeVoe also found consolidators announced 53% of the quarter's deals.
  2. A record-low 36% share for $100 million-to-$500 million sellers is a share of deals, not a statement about price.
  3. Mercer Advisors refinanced $1.9 billion in its first broadly syndicated loan, led by Goldman Sachs, with a seven-year term loan and a $340 million revolver that cut the rate by 1.75 percentage points.

RIA deal count fell 17% in the third quarter while sales of practices with $5 billion or more in assets set a record, according to DeVoe.

DeVoe also found consolidators announced 53% of the quarter's deals. Sellers with $100 million to $500 million in assets are on track for a record-low 36% full-year share.

A record-low 36% share for $100 million-to-$500 million sellers is a share of deals, not a statement about price. Nothing in the DeVoe figures says what that band's practices sold for, or whether the multiples paid there moved at all.

Buyer financing

Mercer Advisors refinanced $1.9 billion in its first broadly syndicated loan, led by Goldman Sachs, with a seven-year term loan and a $340 million revolver that cut the rate by 1.75 percentage points. Mercer says the savings will fund acquisitions.

Reported by the Succession & selling a firm desk from DeVoe (via newsroom deal coverage) and Mercer Advisors (via newsroom deal coverage). Published . Corrections

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