Congress Wealth Management, Audax Private Equity Complete Recapitalization Transaction

Audax Private Equity (“Audax”), a leading alternative investment manager and capital partner to middle market companies, completed its previously disclosed strategic investment in Congress Wealth Management (“Congress”), a Boston-based, independent registered investment advisor (“RIA”). Congress offers wealth management and investment advisory services to high-net-worth (“HNW”) individuals and families throughout the United States. Audax is partnering with management on the investment to recapitalize Congress. Terms of the transaction are not disclosed.

Founded in 2009, Congress provides innovative and bespoke wealth management and financial planning solutions for HNW and ultra-high-net-worth (“UHNW”) individuals, foundations and endowments, and family offices. With over $5 billion of assets under management, Congress has seven offices across the U.S. and serves approximately 2,300 HNW and Family Office clients. As a fiduciary and independent RIA, Congress differentiates itself through a collaborative, fully integrated “client-first” approach to financial planning with customized services tailored to each client.

Congress has exhibited strong growth over the past several years, driven by new client acquisition and the completion of six acquisitions since 2019.

“We are excited about the future and looking forward to partnering with Audax Private Equity to capitalize on the growth opportunities in front of our business,” noted Paul Lonergan, Founder and CEO of Congress Wealth Management.

“We anticipate building on this momentum as we expand within existing markets and into new geographies, and as we add new capabilities and investment options to further scale our offering,” added Scott Dell’Orfano, Chief Strategic Officer at Congress Wealth Management.

“Congress represents a truly differentiated platform that is well positioned for both organic and inorganic growth,” noted Bill Allen, Managing Director of Audax Private Equity. “As an independent RIA, Congress should be a beneficiary as the industry continues to gravitate away from commission-based models. Congress’ track record of attracting and retaining clients reflects the white glove services that underpin the firm’s value proposition to high-net-worth individuals and families.”

The Congress investment joins the portfolio of Audax Private Equity’s Financial Services vertical, one of six core industry specializations within its Flagship fund.

“One of the keys to our investment was the strength of the management team,” added Adam Abramson, a Partner at Audax. “We look forward to supporting Paul, Scott and the rest of the leadership team as they execute against their strategic vision to build out Congress’ referral network and create a better competitive alternative for HNW and UHNW families seeking sophisticated and differentiated wealth management solutions.”

Gladstone Associates, LLC served as advisor for the transaction. Kirkland & Ellis, LLP served as legal counsel to Audax, while ArentFox Schiff, LLP served in the same capacity to Congress.

ABOUT CONGRESS WEALTH MANAGEMENT:

Congress Wealth Management is a Boston-based, SEC-registered investment management firm, developing innovative wealth solutions for high-net-worth and ultra-high-net-worth individuals, families, foundations and endowments. Congress provides a fully integrated approach to financial planning and investment consulting and management, with specialty services tailored to each client’s unique needs to protect and grow assets through superior service and sound, objective advice.

ABOUT AUDAX PRIVATE EQUITY

Based in Boston and San Francisco, Audax Private Equity is a leading middle market investment firm with approximately $16 billion of assets under management, over 185 employees, and 85-plus investment professionals. Since its founding in 1999, the firm has invested in more than 160 platforms and 1,200 add-on acquisitions. Through our disciplined Buy & Build approach, across six core industry verticals, Audax helps portfolio companies execute on organic and inorganic growth initiatives that fuel revenue expansion, optimize operations, and significantly increase equity value.

Audax Private Equity is a part of Audax Group, a leading alternative investment manager with approximately $36 billion of assets under management. For more information, visit AudaxPrivateEquity.com or follow us on LinkedIn.

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