Estancia Buys Stake In Wealth Manager Spruce

Oct 4 2012 | 7:48am ET

Private equity firm Estancia Capital Management has acquired a minority, non-controlling stake in wealth manager Spruce Private Investors. The value of the transaction was not disclosed.

Stamford, Conn.-based Spruce, which advises on about $3 billion for family offices, endowments and foundations, will use the proceeds of the transaction to expand its investment and client services teams and continue with improvements to its technology platform and operational infrastructure. Spruce is also expanding equity ownership to a broader number of key employees. The firm will continue to operate independently and under the leadership of the existing management team. There will be no changes to the firm’s investment philosophy, operations or personnel.

“Our firm seeks to continuously improve and deepen its investment processes, team and operations,” said John Bailey, Spruce founder and CEO, in a statement.  “We are delighted to partner with Estancia. The principals share our vision and fully support our commitment to further enhancing the client experience, while remaining true to our roots as an independent and objective investment adviser.”

Estancia partner Takashi Moriuchi will join the Spruce board of directors which Spruce has just announced will be chaired by Don Herrema, the former CEO of Bessemer Trust. The firm has also hired Nancy Lambert, a former Citigroup Private Bank managing director, as a senior managing director in the portfolio management group. Lambert is responsible for managing and building client relationships in New York and Connecticut.
 
Estancia focuses on small to lower-middle market investments in institutional quality asset management and related business services firms. Estancia is currently investing on behalf of its first institutional fund, Estancia Capital Partners.


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