Constellation bets $4.1 billion on Avior Wealth Management

Omaha, Neb.-based Avior Wealth Management sold a minority stake to Constellation Wealth Capital, the private equity firm created by former Emigrant Partners CEO Karl Heckenberg late last year to invest in the growing channel.

Avior represents Constellation’s seventh deal to date, totaling approximately $110 billion in assets under management.

In connection with: Allianz, Constellation Wealth to buy $450 million stake in AlTi Global

“This investment allows us to focus on meaningful inorganic growth initiatives, create new organic growth channels and deliver operational efficiencies across our business,” CEO Britt Campbell said in a statement. “With CWC as a partner, we are able to maintain control and ownership of our organization, create opportunities for broader equity participation, and continue to invest in the talent that makes Avior so special.”

Avior, which manages approximately $4.1 billion in client assets in 13 U.S. locations, provides wealth management, tax and accounting services. It has a network of in-house CPA firms that provide its advisors with a client pipeline. Late last year, the firm hired Kelli Mehrens, most recently head of PayPal’s risk governance and compliance program, as its first chief operating officer. Brandon Kanoy, former controller at Sana, joined as CFO.

In connection with: Constellation Wealth Capital Adds Lido Advisors to Growing Portfolio

The RIA was founded in 2008 as Nelson, Van Denburg & Campbell Wealth Management Group, but was renamed Avior in 2021.

Launched last year, Constellation’s mission is to buy minority stakes in high-performing companies and provide them with the money, resources and expertise needed to take them to the next level of growth.

The firm has since acquired stakes in a number of large RIAs, including Los Angeles-based Lido Advisors, with $19 billion in AUM, and AlTi Tiedemann Global, an international wealth management and alternative investment corporation, traded at stock market, with approximately $68 billion in assets. through its subsidiaries.

Park Sutton Advisors served as Avior’s advisor on the transaction.