A company that invests in independent financial services companies has purchased a minority stake in a Cumberland County company.
River Wealth Advisors entered into the agreement with New York-based Merchant Investment Management. The advisory group said the partnership with Merchant is part of its plan to accelerate growth. Terms of the agreement were not disclosed.
Merchant said it provides growth capital, management resources, strategic opportunities and direction to independent financial services companies, particularly those focused on wealth and asset management.
“We have seen other businesses in our region give up their independence through consolidation mergers,” said Edward O’Gorman, CEO of River Wealth Advisors, in a press release. “We saw an opportunity with Merchant to deliver on our promise to our customers and our team members by retaining majority ownership and day-to-day operational control locally.”
RWA’s partnership with Merchant, which was announced this month, closed in September.
Robert Caplan and O’Gorman opened River Wealth Advisors in February 2015 in a former Front Street office in Susquehanna Township. River Wealth Advisors now has offices in East Pennsboro Township and Allentown.
Caplan recently transferred its ownership shares to O’Gorman and chief account officer Rebecca Stevenson McClure. O’Gorman was recently named CEO of the company. Caplan remains with the firm as executive vice president and wealth management advisor.
River Wealth Advisors offers wealth management and retirement planning services for individuals and businesses, as well as investment management for trusts and estates.