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Industry Spotlight > Mergers and Acquisitions

Hightower Takes Stake in Another $1B Washington Firm

By Jeff Berman

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What You Need to Know

  • Hightower Advisors has invested in TEN Capital Wealth Advisors, the RIA said Monday.
  • The transaction is the fourth deal that Hightower has announced so far in 2023.
  • Hightower’s network now consists of 131 advisory businesses in 34 states and the District of Columbia.

RIA Hightower Advisors said Monday that it made a strategic investment in TEN Capital Wealth Advisors, a $1 billion registered investment advisor with offices in Seattle and Spokane, Washington, calling it one of the fastest-growing firms in the Pacific Northwest.

TEN Capital manages wealth for a variety of clients including business owners, executives and multigenerational families.

The transaction follows the stake Hightower took in Highland Private Wealth Management it announced last summer. Highland is based in Bellevue, Washington, was founded in 1999 and manages $1.2 billion in client assets.

Hightower didn’t say how much of a stake it took in TEN Capital. “We’re not disclosing specific terms of the transaction,” a Hightower spokesperson told ThinkAdvisor. “What we can say is that the transaction involved cash and equity,” and is “expected to close July 14,” the spokesperson added.

The TEN Capital transaction is the fourth deal Hightower has announced so far in 2023.

The deal followed its first sub-acquisition, for Schultz Collins Investment Counsel, a San Francisco Bay Area Hightower advisory business; the strategic investment it made in Bickling Financial Services, a Lexington, Massachusetts-based RIA with $625 million in assets under management and three offices across the state; and the strategic merger it facilitated between TC Wealth Partners and $800 million firm EFG Advisors, all announced in February.

“TEN Capital has a vibrant culture that aligns perfectly with our focus on ‘well-th’ and putting relationships at the center of financial decision making,” Bob Oros, Hightower CEO and chairman, said in a statement. “We are excited to partner with a firm focused on both legacy and forward-thinking growth.”

Tim Mitrovich founded TEN Capital in 2012, naming the firm in honor of his grandfather’s football jersey number and his legacy of service, according to Hightower.

“We conducted an extensive search to find the right firm that would support our growth with a strong  platform; a firm that also understood how important it was to maintain our special client experience,” Mitrovich said in the statement. “We chose Hightower for its similar culture and incredible suite of value-added services, particularly business owners support, who are a large component of our practice.”

Outside its base in Spokane and presence in Seattle, TEN Capital is “focused on building upon their growing regional influence to expand their footprint,” Hightower said.

TEN Capital was advised on the deal by law firm Alston & Bird and consultant Brett Zaniewski.

Hightower’s network now consists of 131 advisory businesses in 34 states and the District of Columbia, it said Monday. As of March 31, 2023, Hightower had $119.9 billion in assets under  management, up from $113.7 billion on Dec. 31, while assets under administration were about $148.2 billion.

(Pictured: Bob Oros, Hightower CEO and chairman)

Jeff Berman

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