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.


In Depth

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...

 

From the current issue of