AP NEWS
Press release content from PR Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from PR Newswire
Press release content from PR Newswire. The AP news staff was not involved in its creation.

HBC Investments Announces the Sale of Its Ownership in Retirement Advisors of America (RAA)

October 30, 2019 GMT
HBC Logo
HBC Logo

DALLAS, Oct. 30, 2019 /PRNewswire/ -- HBC Investments has agreed to sell its ownership interest in Retirement Advisors of America (RAA) to a strategic acquirer, Allworth Financial, based in Sacramento, CA. HBC Investments led a recapitalization of RAA and provided growth capital to the firm in 2015 to support the management team’s growth initiatives. Since HBC’s investment, RAA successfully pursued an add-on acquisition strategy of key Registered Investment Advisors (“RIA’s”), growing from $1.8 billion of client assets under management to $2.8 billion.

“We are very proud to be a part of RAA’s success and facilitate the sale of RAA to Allworth Financial, providing RAA’s management team the opportunity to take RAA to the next level,” said Joe Colonnetta, HBC’s Managing Partner. “While we were not looking to sell our interest, it was not a surprise that RAA was an attractive acquisition candidate given the consolidation sweeping the RIA industry.”

The sale of HBC’s ownership interest remains subject to standard regulatory approvals.

“We are grateful to the HBC team for leading the recapitalization of RAA in 2015 and providing the capital and strategic guidance for RAA’s growth, both organically and through acquisitions,” said John Bentley, Chief Executive Officer of RAA.

About RAA

RAA is one of the nation’s largest independent registered investment advisors specializing in the unique needs and goals of the airline community. With approximately $2.8 billion in assets under management for over 3,200 families, RAA provides personal solutions for 401(k) professional investment management, retirement and income planning, estate planning, and survivor assistance, as well as tax consulting and tax return preparation. The firm’s extensive experience with pilots and their families allows RAA to provide guidance for clients’ evolving needs throughout their careers and in retirement. Learn more about RAA at www.raa.com.

About HBC Investments

HBC provides value-added growth capital to proven management teams. HBC’s capital originates from its principals and family office partners. The HBC principals have a long and successful track record of making private equity investments across the financial and business services, energy, media and consumer sectors throughout North America. For more information, please visit www.hbcinvestments.com.

View original content to download multimedia: http://www.prnewswire.com/news-releases/hbc-investments-announces-the-sale-of-its-ownership-in-retirement-advisors-of-america-raa-300947760.html

SOURCE HBC Investments