Carlyle Group has completed the acquisition of a minority stake of Houston-based wealth adviser and asset manager Avalon Advisors. Financial terms of the transaction were not disclosed. The equity investment was made through the $1.1 billion Carlyle Global Financial Services Partners fund.
On the deal, Silver Lane Advisors served as financial adviser to Avalon, whereas the buyer was advised by Samoset Capital Group. Platform Partners, a private investment firm, will take part in the recapitalization with a significant portion of its existing stake in Avalon and continue to serve as a strategic partner.
Click here for the release from Carlyle Group.