Parthenon Capital to Acquire RSM’s Wealth Management Practice
Parthenon to prioritize investments in firm’s client service, people and growth
RSM US LLP (“RSM”), the nation’s leading provider of audit, tax and consulting services focused on the middle market, and Parthenon Capital (“Parthenon”), a leading growth-oriented private equity firm, today announced they have entered into an agreement for Parthenon to acquire RSM US Wealth Management LLC and rename it Choreo, LLC, with “Choreo” as its new brand. Completion of the acquisition is expected in the first quarter of 2022, with a target date of Feb. 18, pending satisfaction of customary conditions. Terms of the transaction were not disclosed.
Larry Miles, a 20-year wealth management veteran, will become Chief Executive Officer of Choreo. Dave Scudder, RSM US Wealth Management’s national leader, will transition to Choreo with the rest of the wealth management team and become Choreo’s Executive Vice President, Strategic Partnerships.
“RSM US Wealth Management is a hidden gem in the industry, and we see exciting potential for growth,” Miles said. “We’re eager to take the company to the next level by investing in the team, technology, recruiting and marketing, as well as expanding into new markets organically and through acquisitions. We look forward to building upon the culture that has contributed to a strong wealth management team, and we’re excited to drive growth that will create new opportunities for our professionals and unlock added value for clients.”
RSM and Parthenon are dedicated to ensuring a smooth transition for RSM’s wealth management people and clients. Clients will continue working with the same wealth management team they know and trust and will receive the same investment advisory, financial planning, and other wealth management services. Furthermore, clients can continue to receive tax and other services from RSM US LLP.
“We’re incredibly proud of our wealth management team and their accomplishments over the past two decades,” said Joe Adams, managing partner & CEO at RSM. “We believe the combination of the experienced wealth management team with the vision of Parthenon and Larry Miles puts Choreo in a strong position for the future.”
Parthenon has expertise in the wealth management sector, refined over the past 10 years through strategic partnerships with management teams across the wealth management landscape, including HD Vest, Allworth Financial, Millennium Trust Company, and EdgeCo Holdings, among others. Parthenon intends to grow the business organically and through acquisitions while making investments that maintain and enhance the client experience.
“We’re thrilled to be partnering with Larry and the entire team. We’re impressed with RSM US Wealth Management LLC’s success in the industry as reflected in its most recent placement among Barron’s 2021 Top 100 RIA Firms. We look forward to building upon this foundation,” said Andrew Dodson, managing partner at Parthenon Capital. “Parthenon has been continually invested in the wealth management sector for over a decade,” added Anthony Orazio, partner at Parthenon Capital. “We believe Choreo is uniquely positioned to provide holistic, planning-centric financial advice to clients across the country, and that Larry is the ideal executive to lead Choreo’s continued strategic growth.”
For more information, contact Kimberly Bartok at 212.372.1239 or email@example.com.
Disclaimer: The awards and recognitions mentioned throughout should not be construed as a testimonial or endorsement regarding our employees or advisory services. For more information about the Barron’s 2021 Top 100 RIA Firms List, please visit Barron’s website. RSM US Wealth Management LLC did not pay to be considered for this award. Past performance is not indicative of future performance.
RSM US Wealth Management LLC is a limited liability company that provides investment advisory services, financial planning, and other wealth management services to individuals and businesses. RSM US Wealth Management LLC is an SEC-registered investment adviser. Registration as an investment adviser does not imply any skillset of the wealth manager and/or its advisors.
About RSM US LLP
RSM’s purpose is to deliver the power of being understood to our clients, colleagues and communities through world-class audit, tax and consulting services focused on middle market businesses. The clients we serve are the engine of global commerce and economic growth, and we are focused on developing leading professionals and services to meet their evolving needs in today’s ever-changing business environment.
RSM US LLP is the U.S. member of RSM International, a global network of independent audit, tax and consulting firms with 48,000 people across 120 countries. For more information, visit rsmus.com, like us on Facebook, follow us on Twitter and/or connect with us on LinkedIn.
About Parthenon Capital
Parthenon Capital is a leading growth-oriented private equity firm with offices in Boston, San Francisco and Austin. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service and technology industries. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. Parthenon has particular expertise in healthcare, financial and insurance services, and technology services, but seeks any service, technology or delivery business with a strong value proposition and proprietary know-how. For more information, visit www.parthenoncapital.com.