Altas 2023 Annual General Meeting
We were thrilled to host our partners at the 2023 Altas Annual General Meeting at the Globe & Mail Centre in Toronto. The event featured many of our CEOs, senior executives, and board members discussing Altas’ businesses and the dynamics at play in the current market environment. Thank you to our investors who spent the day with us in Toronto, as well as those who joined virtually.
Katie Taylor, Chair, Interviewed at the Inaugural Women in Private Capital Summit Canada
Altas is delighted that Katie Taylor, Chair of the firm, represented Altas at the inaugural Women in Private Capital Summit Canada, held in Toronto on October 4th and 5th, 2023.
Katie spoke with Mary Sullivan, Senior Managing Director, and Chief Talent Officer at CPP Investments, about her journey from former President and CEO of Four Seasons to her current role in Private Equity.
Altas Welcomes Jessica Sonnenberg
Altas is pleased to announce that Jessica Sonnenberg has joined the firm as Director, Investment Operations.
Prior to joining Altas, Jessica spent eight years at the Boston Consulting Group (BCG) in Toronto, advising clients in multiple sectors across Canada and supporting Consulting Team Talent and Operations for BCG Canada and BCG globally.
Jessica holds a Bachelor of Science in Chemistry from Queen’s University and a Doctorate in Inorganic Chemistry from the University of Toronto (Vanier Scholar).
Altas Welcomes Bryant Seaman
Altas is pleased to announce that Bryant Seaman has joined the firm as a Director.
Prior to joining Altas, Bryant worked at Veritas Capital and Clayton, Dubilier & Rice in New York, where he focused on investment opportunities across a variety of industries, including business services, healthcare, and industrials. Bryant began his career in the Industrials and Financial Sponsors Groups at Morgan Stanley in San Francisco.
Bryant holds a Bachelor of Science from Stanford University and an MBA from Harvard Business School.
Altas Welcomes Ian Aquilino
Altas is pleased to announce that Ian Aquilino has joined the firm as a Director, Investor Relations.
Prior to joining Altas, Ian worked in Investor Relations at Veritas Capital, where he was focused on fundraising and client coverage. Ian has previous experience as a member of BlackRock’s Alternative Solutions Group and began his career as an Actuarial Assistant at New York Life.
Ian holds a Bachelor of Science in Actuarial Science from the Smeal College of Business at Penn State, with minors in Mathematics and Statistics.
Altas Partners Closes US$4 Billion Fund
TORONTO & NEW YORK, July 5, 2023 – Altas Partners (“Altas”) announced today the final closing of its third fund, Altas Partners Holdings III (Fund III), with US$4 billion of capital commitments.
“We are very grateful to our investors for their partnership and confidence in Altas and our team," said Andrew Sheiner, CEO of Altas Partners. “Our firm employs a particularly discerning approach to private equity investing, looking for only 1 or 2 new opportunities each year that fit our framework and where we have high conviction. We focus on acquiring wonderful businesses with meaningful growth potential and engaging closely with our management teams as a valued partner. Since inception in 2012, we’ve acquired ten market-leading businesses, and are poised to complete our eleventh investment in a few months, our first in more than two years, consistent with our selective approach.”
Fund III closed at its $4 billion target and is one third larger than Altas' $3 billion predecessor fund. The Fund will provide the Altas team with capital to continue to pursue its distinctive and patient strategy in the coming years, targeting 5-7 businesses that the team is excited to own and build.
“We are fortunate to have earned the support and trust of an exceptional group of global investors,” added Aryella Frommer, Partner at Altas. “We look forward to building upon our strong foundation in the years ahead, as we continue to serve as careful stewards of our investors' capital, and as a collaborative partner to our management teams.
About Altas Partners
Altas Partners is a North American private equity firm focused on selectively acquiring significant interests in high-quality and market-leading businesses with meaningful growth potential. Altas concentrates on specific sectors where it has deep expertise, seeking one or two compelling investment opportunities each year. The Firm's patient investment philosophy, engaged approach to ownership, and flexible time horizon distinguish Altas as a buyer of choice for many management teams and business owners. The Firm was founded in 2012 and operates from offices in Toronto and New York. Altas manages more than $10 billion on behalf of leading institutional and family office investors from around the world.
For more information, please visit www.altas.com.
Altas Welcomes Kyle Fan
Altas is pleased to announce that Kyle Fan has joined the firm as a Director.
Prior to joining Altas, Kyle worked at Oak Hill Capital in New York, where he evaluated investment opportunities across a variety of sectors. Kyle began his career in the M&A Advisory group at Evercore in New York.
Kyle holds a Bachelor of Arts in Honours Business Administration from the University of Western Ontario, Richard Ivey School of Business (with Distinction).
Mercer Advisors Announces Expansion of Strategic Investor Group With Equity Investment From Altas Partners
DENVER, June 6, 2023 – Mercer Advisors, a national Registered Investment Adviser (RIA) with Assets Under Management (AUM) of approximately $48 billion as of April 30th, 2023, announced today that it is expanding its set of strategic investors, by adding a new investor, Altas Partners (“Altas”). Altas joins Mercer Advisors’ current strategic investors, Genstar Capital and Oak Hill Capital, and over 300 Mercer Advisors employees who own equity in the company. The transaction is expected to be completed by the third quarter of 2023.
Mercer Advisors is a leading national fiduciary wealth-management firm that provides a family office for families ranging from mass affluent to ultra-high-net-worth, and serves a spectrum of institutional clients, including companies, endowments, and foundations. Based in Denver, Mercer Advisors has a U.S. footprint of over 80 locations and almost 900 employees. Founded in 1985, Mercer Advisors differentiates itself as a unified and integrated wealth manager serving investors as a fiduciary and providing a broad range of in-house services. These services are tailored to individual clients through a “One Team” approach, including financial planning, investment management, estate planning, tax strategy and preparation, insurance solutions, and trustee services.
“We are excited to welcome Altas Partners as a strategic investor,” said Dave Welling, Chief Executive Officer of Mercer Advisors. “We have had an outstanding partnership with Genstar and Oak Hill for many years and chose Altas as our newest strategic investor because they believe in our mission, purpose, and strategy and are committed to support continued investment in capabilities that will allow us to enhance the way we serve our clients.”
Welling added, “We are unabashedly client-focused first, second, and always. Each year we continue to make significant investments in our people, new services, new technology, and new offerings, all geared to serve clients better and drive our future growth. With over 300 employee-owners representing over one-third of our employees, we are proud to have the broadest number and percentage of employee ownership in the firm’s history, which is noteworthy in the independent RIA industry. Our strategic investors have supported our vision to expand ownership opportunities to all full-time employees and beyond the common elite and exclusive “partners only” model that is still prevalent in the RIA industry.”
“Mercer Advisors is an exceptional company serving a large and loyal clientele,” said Paul Emery, Partner at Altas. “Through its leadership, operational excellence and strategic acquisitions, Mercer Advisors has rapidly scaled and established a leading position in a fragmented industry, all while staying true to its client-centric culture. This investment aligns extremely well with our distinctive strategy of identifying one or two high quality businesses each year that we believe are positioned to grow meaningfully and deliver lasting value to our partners. We are thrilled to help fuel Mercer Advisors’ continued growth alongside the Company’s existing strategic investors, Genstar and Oak Hill, and in close partnership with Dave Welling and team.”
Mercer Advisors’ AUM has grown dramatically, from less than $5.7 billion in 2015, to $16.5 billion at the time of Mercer Advisor’ last recapitalization in the fourth quarter of 2019 to $48 billion today. The firm has invested heavily in enhancing services for its clients, including expanding its investment offerings and platform, expanding its wealth management professionals in 80+locations, adding new talent and expertise to its estate and tax planning teams, and investing considerably in its technology platform. Mercer Advisors also added SRI and ESG capabilities to investment offerings and is one of the first independent RIAs to be a signatory to the United Nations Principles for Responsible Investing. Mercer Advisors is widely recognized as one of the leading wealth management firms in the United States, including being named a 2022 Top 100 RIA by Barron’s, a 2022 50 Fastest Growing RIAs by Financial Advisor, and Wealth Management Industry Awards, i.e., “The Wealthies,” won by Dave Welling as CEO of the Year and Kara Duckworth as a Rising Star. Mercer Advisors has also won Wealthies in the Thought Leadership category for Mercer 2030, a company-wide program created to fulfill the mission of becoming a sustainable organization while contributing positively to the communities it serves. Since2016, Mercer Advisors has completed 75 acquisitions that expanded its footprint, talent, and expertise.
Tony Salewski, Managing Partner of Genstar, said, “We are grateful for the partnership with Mercer Advisors, and the entire management team, as they have built a leading wealth management platform, growing their assets from approximately $5.7 billion to $48 billion, since our original investment in 2015. Importantly, as Mercer Advisors has grown, it has never sacrificed its commitment to serving its clients and helping them achieve their financial goals. We are excited to continue as investors with Oak Hill and Altas as Mercer Advisors embarks on yet another phase of robust growth.”
Steve Puccinelli, Managing Partner of Oak Hill, said, “Mercer Advisors has demonstrated consistent performance and continues to have an extensive runway for sustainable, accelerated growth. We are thrilled to continue this journey with Dave and the management team, Altas, and Genstar. We look forward to being part of their growth as the firm further identifies avenues to enhance its comprehensive wealth management services and rapidly attracts new clients.”
Raymond James served as a lead financial advisor, and Paul, Weiss served as legal counsel to Mercer Advisors on the transaction. Mercer Advisors management and employees were also supported by Katzke & Morgenbesser LLP as legal counsel and Jamieson Corporate Finance US LLC as an advisor. Goldman Sachs served as a financial advisor, and Kirkland & Ellis served as legal counsel to Altas Partners on the transaction.
About Mercer Advisors
Established in 1985, Mercer Global Advisors Inc. (“Mercer Advisors”) is a total wealth management and financial planning firm that provides comprehensive, fee-based investment management, financial planning, family office services, retirement benefits and distribution planning, estate and tax planning, insurance solutions, and corporate trustee and trust administration services. Mercer Advisors Inc. is a parent company of Mercer Global Advisors Inc. (RIA), and Regis Acquisitions, Inc. (RIA). Both are majority owned by Oak Hill Capital and Genstar Capital. Mercer Global Advisors, Inc. is headquartered in Denver, Colorado, is privately held, has almost 900 employees, and operates nationally through over 80 locations across the country. Mercer Advisors manages $48 billion in client assets. For more information, visit www.merceradvisors.com.
AUM data refers to client assets under management (AUM) and client assets under advisement (AUA) by both Mercer Global Advisors Inc. and Regis Management Company. Regis Management Company is a tradename used by Regis Acquisition, Inc. Mercer Global Advisors Inc. and Regis Acquisition, Inc. are affiliated SEC registered investment advisers and deliver investment advisory and family office related services. Mercer Global Advisors Inc. and Regis Acquisition, Inc., are subsidiaries of Mercer Advisors Inc., a parent company not involved with investment services.
Mercer Advisors is not a law firm and does not provide legal advice to clients. All estate planning documentation preparation and other legal advice is provided through its Advanced Services Law Group, Inc. Tax preparation and tax filing are a separate fee from Mercer Advisors’ investment management and planning services. Trustee services are offered through select third parties with which a client would engage directly. Mercer Global Advisors has a related insurance agency. Mercer Advisors Insurance Services, LLC (MAIS) is a wholly owned subsidiary of Mercer Advisors Inc. Employees of Mercer Global Advisors serve as officers of MAIS. MAIS provides individual life, disability, long term care coverage, and property and casualty coverage through various insurance companies.
About Oak Hill Capital Partners
Oak Hill is a longstanding private equity firm focused on the North America middle-market. Oak Hill applies a specialized, theme-based approach to investing in the following dedicated industry sectors: Media &Communications, Industrials, Services, and Consumer. The Firm implements a highly systematic approach to theme development, proactive origination, and value creation in partnership with management to build franchises of lasting value. Since 1986, Oak Hill and its predecessors have raised approximately $20billion of initial capital commitments and co-investments, invested in approximately 100 companies, and completed more than 300 add-on acquisitions representing an aggregate enterprise value at acquisition of over $60 billion. For more information, please visit www.oakhill.com.
Genstar Capital (www.gencap.com)is a leading private equity firm that has been actively investing in high-quality companies for over 30 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Together with Genstar XI and all active funds, Genstar currently has approximately $49 billion of assets under management and targets investments focused on targeted segments of the financial services, healthcare, industrials, and software industries.
Altas Partners is a North American private equity firm focused on selectively acquiring significant interests in high-quality and market-leading businesses with meaningful growth potential. Altas concentrates on specific sectors where it has deep expertise, seeking one or two compelling investment opportunities each year. The Firm's patient investment philosophy, engaged approach to ownership, and flexible time horizon distinguish Altas as a buyer of choice for many management teams and founders. The Firm was founded in 2012 and operates from offices in Toronto and New York. Altas manages approximately $10 billion on behalf of leading institutional and family office investors from around the world. For more information, please visit www.altas.com.
2022 Barron’s Top 100 RIAs: Advisors who wish to be ranked fill out a 102-question survey about their practice. Barron's verifies that data with the advisors’ firms and with regulatory databases and then Barron's applies their rankings formula to the data to generate a ranking. The formula features three major categories of calculations: (1) Assets (2) Revenue (3) Quality of practice. In each of those categories Barron's does multiple sub calculations. Barron's measures the growth of advisors’ practices and their client retention. Barron's also consider a wide range of qualitative factors, including the advisors’ experience, their advanced degrees and industry designations, the size, shape, and diversity of their teams, their charitable and philanthropic work and, of course, their compliance records.
FA Fastest Growing RIAs 2022: Financial Advisor Magazine examined RIA growth by comparing firms’ year-end AUM to the previous year-end numbers reported to Financial Advisor Magazine on its survey responses. This list only includes firms with $500mm and more in AUM.
Wealth Management Industry Awards 2022 “The Wealthies”: A panel of independent judges made up of top names in the industry and led byWealthManagement.com Editor-in-Chief David Armstrong determined the 2022 Wealthmanagement.com Industry Award winners. The best in each category were selected based on quantitative measures of their initiatives—such as scope, scale, adoption, and feature set—along with qualitative measures, such as innovation, creativity and new methods of delivery.
Please Note: Limitations. Neither rankings and/or recognitions by unaffiliated rating services, publications, media, or other organizations, should be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if Mercer Advisors is engaged, or continues to be engaged, to provide investment advisory services. Rankings published by magazines, and others, generally base their selections exclusively on information prepared and/or submitted by the recognized adviser. Rankings are generally limited to participating advisers (see participation criteria/methodology). Unless expressly indicated to the contrary, Mercer Advisors did not pay a fee to be included on any such ranking. No ranking or recognition should be construed as a current or past endorsement of Mercer Advisors by any of its clients.
Hub International’s Market-Leading Position Attracts Investment By Leonard Green
CHICAGO, IL - Hub International Limited (HUB), a leading global insurance brokerage, announced today that it has entered into an agreement with Leonard Green & Partners, L.P. (LGP), a Los Angeles-based private equity firm. With a current total enterprise valuation of $23 billion, which represents the largest enterprise value to date for a private insurance broker, HUB expects to receive a substantial minority investment from funds managed by LGP.
HUB's valuation has grown fivefold over the last 10 years. HUB had a valuation of $4.4 billion and annual revenue of more than $1 billion in 2013 when Hellman & Friedman (H&F) initially invested in the broker. In 2018, just 4.5 years later, HUB's revenue exceeded $2 billion and its valuation had grown to $10 billion in connection with Altas Partners' substantial minority investment in the company. In 2022, HUB hit $3.7 billion in annual revenue and is valued at $23 billion today.
"Despite the headwinds of the pandemic, interest rate hikes, and a global economic downturn, HUB has demonstrated its ability to persevere and excel. In the last 4.5, years we've delivered a 2.5 times ROI," stated Marc Cohen, President and CEO, Hub International. "Our relentless focus on investing in boundaryless resources that provide best-in-class advice and solutions for our customers and our dedication to attracting and retaining the best talent in the industry affirms my optimism and energy for the future potential of HUB."
HUB attributes its growth to the ongoing investments it has made in industry and product specialization, digital solutions, brand marketing, broadening of employee benefit and human resources services, expansion into retirement and private wealth, growth in MGA/wholesale capabilities, and most recently expanding complex risk and international solutions. The company will continue investing in these areas as well as new initiatives to reflect the changing needs of our clients. Further, HUB remains bullish on its acquisition strategy and growing its geographic footprint.
Today's announcement also marks HUB's intention to explore bringing on additional minority investors in the coming months. The proceeds of these investments will be used to repurchase equity interests from existing equity holders. H&F will retain a controlling-interest in HUB, while the company's management team will continue to hold a significant equity position. Additionally, Altas will remain a significant minority shareholder and continue to be members of the board. LGP will be joining the board.
"HUB is an exceptional company – a gold-standard specialty-focused insurance broker," said Hunter Philbrick, Partner at Hellman & Friedman. "H&F takes great pride in our long-term approach with the companies we invest in, and it has been a privilege to support HUB's incredible growth journey over almost a decade. HUB is now the 5th largest broker in the world and is growing faster today than at any point in its history. We look forward to continuing our relationship with the company as the largest shareholder, alongside the fantastic teams at Altas Partners and now, LGP."
"HUB is a remarkable business with demonstrated success," said Andrew Sheiner, CEO of Altas Partners. "We are proud to be a part of its incredible journey and look forward to supporting HUB's future success along with our wonderful partners."
"We have admired HUB for a long time and are excited to partner with the entire HUB management team, Hellman & Friedman, and Altas to support the next phase of the company's growth. HUB is the premier insurance broker and has all the attributes we look for in investments – a best-in-class management team, a differentiated culture, a long and consistent track record of success, and multiple ways to grow," said Adam Levyn, Partner at LGP.
The transaction is expected to close in Q3 2023 and is subject to customary closing conditions and regulatory approvals.
Morgan Stanley & Co. LLC is serving as exclusive financial advisor to HUB, Simpson Thacher & Bartlett LLP is serving as legal counsel to HUB, and MarshBerry provided market research assistance to HUB. Barclays acted as exclusive financial advisor and Latham & Watkins LLP as legal counsel, to LGP.
About Hub International
Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services. With more than 16,000 employees in offices located throughout North America, Hub's vast network of specialists brings clarity to a changing world with tailored solutions and unrelenting advocacy, so clients are ready for tomorrow. For more information, visit Hub Media Center.
About Hellman & Friedman
Hellman & Friedman is a preeminent global private equity firm with a distinctive investment approach focused on a limited number of large-scale equity investments in high-quality growth businesses. H&F seeks to partner with world-class management teams where its deep sector expertise, long-term orientation and collaborative partnership approach enable companies to flourish. H&F targets outstanding businesses in select sectors including software & technology, financial services, healthcare, consumer & retail, and other business services.
Since its founding in 1984, H&F has invested in over 100 companies. The firm is currently investing its tenth fund, with $24.4 billion of committed capital, and has over $85 billion in assets under management as of December 31, 2022. Learn more about H&F's defining investment philosophy and approach to sustainable outcomes at www.hf.com.
Founded in 2012, Altas Partners is a North American private equity firm with a distinctive investment approach focused on selectively acquiring significant interests in high-quality and market-leading businesses with meaningful growth potential. Altas focuses on select sectors where it has deep expertise, seeking one or two compelling investment opportunities each year. The Firm's patient investment philosophy, engaged approach to ownership, and flexible time horizon distinguish Altas as a buyer of choice for many management teams and founders. Altas is headquartered in Toronto with another office in New York and manages approximately $10 billion on behalf of leading global institutional and family office investors. For more information, please visit www.altas.com.
Leonard Green & Partners, L.P. ("LGP") is a leading private equity investment firm founded in 1989 and based in Los Angeles with $70 billion of assets under management. The firm partners with experienced management teams and often with founders to invest in market-leading companies. Since inception, LGP has invested in over 120 companies in the form of traditional buyouts, going-private transactions, recapitalizations, growth equity, and selective public equity and debt positions. The firm primarily focuses on companies providing services, including consumer, healthcare, and business services, as well as retail, distribution and industrials. For more information, please visit www.leonardgreen.com.
Altas Welcomes Dominic Barton
We are delighted to announce that Dominic Barton, a long-standing advisor to our Firm, has re-joined the Altas Advisory Board. Dominic has had a highly distinguished career, including 32 years at McKinsey & Company where he served as Global Managing Director from 2009-2018.
Following his retirement from McKinsey, Dominic joined the Altas Advisory Board, pleased to support the Altas team and our CEO Andrew Sheiner, who began his career along with Dominic at McKinsey’s Toronto office in 1986. Dominic subsequently left the Altas Advisory Board for a time when he agreed to become Canada’s Ambassador to China, serving in this role from 2019-2021.
Dominic brings a wealth of experience and global relationships to the Firm. The Altas team will benefit from his decades of experience as an advisor to companies and CEOs and his insights into how to build world-class businesses.
The son of an Anglican missionary, Dominic was born and lived in Uganda before moving to Canada at age seven. He studied at the University of British Columbia where he earned a Bachelor’s degree in Economics and at Oxford University as a Rhodes Scholar where he earned an MPhil degree in Economics. Other notable affiliations and roles include: Chancellor of the University of Waterloo; Chairman of the Board of Directors of Rio Tinto; Chairman of LeapFrog Investments, an impact-investment firm focused on emerging markets; and Senior Advisor and Partner at Radical Ventures, a leading AI investment firm. Dominic was previously Chair of the Board of Teck Resources, Chair of Standard Chartered Bank’s International Advisory Council, Chair of the Canadian Minister of Finance’s Advisory Council on Economic Growth, Chair of the Seoul International Business Advisory Council, an Advisory Board Member of the Olayan Group, and a Non-Executive Director at the Singtel Group (Singapore) and Investor AB (Sweden).
Altas Sponsors Canadian Women’s Squash
Altas is delighted to be a major sponsor of the 2023 Canadian Women’s Squash Open, to be held in Toronto from March 26 – March 30, 2023.
“We are thrilled to support this wonderful event as it brings high-level squash to our backyard after a two-decade hiatus,” said Lisa Dymond, Partner and Head of Talent at Altas. “This is a tremendous opportunity to raise awareness for women in sport. The event will showcase some of the best squash players in the world competing in an incredible glass court venue at Brookfield Place.”
For more information on the 2023 Canadian Women’s Open please visit: https://squash.ca/2023-canadian-womens-open/
Altas Welcomes Hannah Currie
Altas is pleased to announce that Hannah Currie has joined the firm as Vice President, Human Resources and Talent.
Prior to joining Altas, Hannah held senior human resources leadership roles at Shopify and Canada Post, where she focused on talent strategy, deployment, and advisory support.
Hannah holds a Bachelor of Arts in Political Science (with Honours) and a Master of Industrial Relations from Queen’s University.
Kansas City Chiefs QB Patrick Mahomes Recognizes USAHS Alum
After winning the AFC Championship game that put the team in Super Bowl LVII, star Kansas City Chiefs quarterback Patrick Mahomes gave props to the University of St. Augustine for Health Sciences alum Julie Frymyer, DPT, the Chiefs’ Assistant Athletic Trainer/Physical Therapist.
Read more on the University of St. Augustine for Health Sciences' website