Wealthtech Strategy Firm Acquires Oakbrook Solutions As It Receives Private Equity Backing From Renovus Capital With Goal To Grow And Expand Offerings
F2 Strategy acquired consulting and services provider Oakbrook Solutions, based in Winston-Salem, North Carolina, and received a majority investment from private equity firm Renovus Capital, to lay the foundation for F2 Strategy’s goal to accelerate growth and expand its service offerings.
Founded in 2000, Oakbrook serves banks, trust companies, family offices, retirement plan providers, custodians and RIAs. Its 75-person team will strengthen F2 Strategy’s wealth management and bank trust capabilities. Doug Fritz, the Co-Founder and CEO of F2 Strategy, will lead the combined firms. F2 Strategy will leverage Oakbrook to provide enhanced access for its clients to subject matter experts, tech strategy leadership, research and its professional network.
“This strategic deal marks a pivotal moment in our journey, as we combine our strengths with Oakbrook and add the support of Renovus Capital,” said Fritz. “Together, we will leverage our collective capabilities to uncover new opportunities, expand market reach, and deliver unparalleled results for our clients. I am honored to lead this unified team and couldn’t be more excited for the transformative impact we will have on the industry.”
F2 Strategy’s client base now represents over $2.5 trillion in assets under management, and with the addition of Oakbrook, the combined headcount will reach 100 employees. Prior to Oakbrook, F2 Strategy made several key hires to bolster its team, which form a key part of the firm’s approach by contributing personal and professional experiences, research and collective insight.
Oakbrook’s CEO, Craig Cook, who will join the F2 Strategy board, said, “Our shared commitment to exceptional service, innovation, and industry expertise will enable us to further support our clients’ success. Together, we will help raise the bar and set new standards for excellence in the financial services technology landscape.”
“We firmly believe that F2 is uniquely positioned to capitalize on the evolving needs of clients in today’s digital age. Consistent with Renovus’ approach to working with its portfolio companies, our partnership aims to fuel F2’s growth and help drive their expansion in the market, propelling them to even greater success,” said Jesse Serventi, Founding Partner of Renovus.
Lee Minkoff, Principal at Renovus, said, “F2 Strategy, along with the immediate addition of Oakbrook, embodies everything we look for in an investment – a strong value proposition to clients, a dynamic team, and significant industry momentum. Their leadership in technology strategy and implementation for high-growth organizations, coupled with their deep understanding of the wealth management industry, sets them apart.”
Founded in 2016 in Silicon Valley by Fritz and his wife, Liz Fritz, Co-Founder and Chief Commercial Officer, F2 Strategy recently expanded its team by hiring Ed Wright, formerly VP, Product Delivery at Skience, as a Senior Manager.
The firm also recently added several industry veterans as Executives in Residence, including Joe Nadreau, with 24 years’ experience at Wells Fargo Advisors; Jaclyn Stanton, formerly Vice President of RIA Operations and Director of Advice Strategy at Thrivent; Elena Carroll, previously SVP and Head of Product at Envestnet; and Joel Friedman, with almost 20 years of experience at Docupace.
Janeesa Hollingshead, Contributing Editor at Wealth Solutions Report, can be reached at email@example.com.