Galway Holdings has acquired MAI Capital Management LLC. The move adds a new business vertical in financial and wealth management services to complement existing business relationships within EPIC Insurance Brokers & Consultants as well other areas of specialization across all Galway platforms.
MAI is a full-service, independent Registered Investment Adviser specializing in comprehensive investment and financial planning for high-net-worth individuals and families. Galway’s investment will help MAI accelerate its organic growth trajectory, enhance its client service offerings, and further expand its national presence through M&A. MAI’s executive team will remain intact.
John Hahn, Executive Chairman, Galway Holdings said, “We are excited to partner with Rick Buoncore and the MAI team to provide capital and resources that will help sustain the continued growth of its premier wealth management platform. This includes our shared vision of delivering risk management and insurance solutions via our EPIC Select platform directly to high-net and ultra-high-net-worth clients and MAI’s best-in-class trusted advisory services under one roof.”
Rick Buoncore, MAI’s Managing Partner, commented, “Clients want expertise, simplicity and a full range of financial solutions. Our new partnership with Galway gives MAI the opportunity to continue evolving in an ever-changing financial services landscape. By launching this unique approach, we can provide our clients with integrated and easy-to-access expertise across the financial spectrum, with the goal of making their lives simpler in an increasingly complex world. This is a natural evolution for MAI and builds upon the foundation we created four years ago by aligning with Wealth Partners Capital Group, which has expanded our reach and made us more accessible to clients nationwide.”
MAI established a partnership with Wealth Partners Capital Group (“WPCG”) in 2017, and they have worked together to identify and acquire RIAs seeking access to expanded business capabilities, strategic growth, and customized solutions. The partnership has resulted in 12 acquisitions, strategically broadening MAI’s geographic footprint and enhancing its service model. WPCG will maintain an equity position in MAI while continuing to collaborate on additional growth opportunities.
Galway’s investors include three prominent private equity firms: Carlyle Group, Oak Hill Capital, and Harvest Partners. Steve Carlson, Partner at Harvest Partners added, “Last December, we partnered with Galway because, among other things, we believed the team would be able to unlock differentiated opportunities during our investment. MAI and the move into high-net-worth wealth management is one of those opportunities and we are thrilled to be involved as it redefines the risk and wealth management marketplace.”
Truist Securities served as financial advisor to Galway while Ropes Gray LLP served as legal counsel to Harvest and Galway. Ardea Partners LP served as financial advisor to MAI and Holland & Knight LLP provided legal counsel to MAI and WPCG.