New Jersey firm acquires wealth adviser Crestone Capital
BOULDER — Crestone Capital LLC, which delivers a suite of integrated investment management and wealth advisory services to a network of entrepreneurs, business owners and their families, is being acquired by Pathstone, a partner-owned advisory firm based in Englewood, New Jersey, that offers investment advice and family office services.
“From the very beginning, we admired Crestone’s culture and approach to working with sophisticated families,” Pathstone CEO Matt Fleissig said in a prepared statement released Thursday. “The focus on building a firm for ultra-high net worth families is what has historically differentiated both Pathstone and Crestone, making the combination a natural fit and that much more powerful as we seek to build a true multi-generational family office experience for our clients.
“We could not be more excited to welcome Eric Kramer, who will join our CEO Council and Chief Investment Office, and Matt Wiles, who will join Pathstone’s regional leadership team, and the rest of the Crestone team as we continue to grow our presence in the highly attractive Rocky Mountain region,” Fleissig said.
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Founded in 1991 by Eric Kramer, Crestone advises approximately 150 families representing more than $3 billion in client assets. Crestone is a 100% employee-owned firm, with more than 50 employees and offices in Boulder, Denver, Los Angeles, and Austin, Texas, and has deep expertise in working with first-generation entrepreneurs and wealth creators, bringing to bear an institutional approach to investing with a boutique, high-touch and personalized client service model.
“The rationale for this agreement is simple: we are a better firm, together,” said Kramer, Crestone’s CEO and managing partner. “Pathstone’s laser focus on ultra-high net worth clients meshes nicely with our entrepreneurial and largely self-made clients. The advantages of scale are becoming increasingly important in our industry, and Pathstone also offers a number of complementary services that are valued by our clients. We are excited about the future for our clients, shareholders and employees.”
“I have enjoyed getting to know Eric, Matt, and the Crestone team over the past months because we share a common culture and client-centric values,” said Kelly Maregni, president of Pathstone. “Using that alignment as our foundation, we are eager to work together through integration and continue to enhance our collective value proposition. This combination aligns with our ethos of growing to get better, not just bigger, and furthers our commitment to building scale within our existing geographic footprint.”
Upon completion, the Crestone acquisition will bring Pathstone’s total assets under advisement and administration to more than $100 billion. Pathstone will have 20 offices nationwide with more than 550 team members, more than 225 of whom are shareholders of the firm.
“The Rocky Mountain region is one of the most entrepreneurial regions in the country. Its ethos of rugged individualism combined with independent thinking has served as a catalyst for a new generation of business creators and leaders,” said Wiles, Crestone’s president. “We have been proud to serve these entrepreneurs for the past 30 years, empowering them to accomplish their business and personal goals. Today, we’re equally proud to take the next step that will further meet their financial needs by combining with Pathstone.”
Republic Capital Group served as the financial adviser, and Brownstein Hyatt Farber Schreck LLP served as legal counsel to Crestone. Alston & Bird LLP served as legal counsel to Pathstone.