Austin, Texas-based Rise Growth Partners said Wednesday it took a minority stake in Westborough, Massachusetts-based RIA Grimes & Company, a family-owned and operated wealth management firm with about $5.7 billion in assets under management (AUM). The transaction represents Rise Growth’s second minority investment since its launch.
Grimes & Company was founded by Timothy (Tim) Grimes and is now led by his son Kevin. It serves about 3,000 U.S. households. Through the partnership, it intends to expand its geographic presence, refine its centralized planning process and attract advisor teams and firms.
“We’ve always believed that growth should be intentional, and this partnership is the next step in executing on that vision,” according to Kevin Grimes, CEO and Chief Investment Officer at Grimes & Company.
“The Rise team immediately understood the scalability of our business, the uniqueness of our model and our exciting vision for the future,” he said. “With their expertise and resources, we’ll be positioned to multiply our impact while maintaining the collaborative culture and relationship-driven client experience that have defined Grimes and its success to date.”
With a presence in Florida, Nebraska and Texas, in addition to Massachusetts, the firm has already “expanded beyond its New England roots and is now poised to accelerate its footprint in select areas,” according to a press release.
“Grimes has built an incredible business by delivering truly bespoke investment portfolios at scale, something rare in an industry dominated by model-driven approaches,” according to Joe Duran, Managing Partner at Rise Growth.
“We see a tremendous opportunity to partner with investment-centric firms that value centralized planning and growth while maintaining the flexibility of customized portfolios,” he said. “Our goal is to help Grimes realize its potential of becoming a lighthouse brand in the industry, expanding its national presence by attracting like-minded teams who share this commitment to excellence.”
Kevin Grimes added, “This partnership allows us to build something even more special, enabling us to become a magnet for top talent and remain an industry leader for years to come. We are not sacrificing our independence or culture; we are enhancing it.”
“Great wealth management is not just about numbers—it’s about vision, strategy and an unwavering commitment to clients’ success,” said Terri Kallsen, Managing Partner at Rise Growth. “The Grimes team embodies all three, turning financial goals into lasting legacies.”
In August, Rise Growth announced its first minority RIA investment, in Bleakley Financial Group, a Fairfield, New Jersey-based wealth management firm that serviced nearly $10 billion in advisory assets as of June 30.
Early last year, Rise Growth announced a $250 million investment commitment from private investment firm Charlesbank Capital Partners to support its efforts to invest in select RIAs.
Jeff Berman, Contributing Editor & Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
