Jeff Bechtel

Fairness Opinion - Provided with Respect to Wealth Manager Sale Transaction

We provided a Fairness Opinion to the board of directors of True Capital Management in connection with the sale of the firm to Cresset

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• True Capital is a specialized wealth and business management firm based in San Francisco that is focused on professional athletes, entertainers, with $1.7bn of AUM
• Cresset is a rapidly growing wealth manager and multi-family office based in Chicago, managing over $30bn of client assets
• MHB previously advised True Capital on the sale of a minority equity interest to affiliates of Cresset in 2020
• MHB also previously advised True Capital on the acquisition of FS Wealth Sports & Entertainment, a specialist wealth manager based in Nashville

Sellside Engagement – Advised on Strategic Sale

We represented Beekman Wealth Advisory, a leading provider of custom investment advisory services for select ultra high net worth families with approximately $600 million of AUM, on its sale to Prime Quadrant, a Canadian wealth manager and partner firm of Focus Financial Partners overseeing more than CAD$21bn of client assets.

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Optimal outcome for Beekman with numerous strategic benefits for both firms:

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• Culturally compatible firms with a shared investment approach and vision for serving UHNW client families
• Beekman becomes the U.S. beachhead for Prime Quadrant as it seeks to expand outside of Canada
• Cross-border client servicing and referral opportunities for both firms
• No change to Beekman client relationships and portfolios, ensuring continuity and continued service excellence
• Full liquidity for Beekman’s founder at attractive terms
• Increased professional growth opportunities for all Beekman team members

Sellside Engagement –Advised on Sale of Strategic Minority Interest

We represented Koda Capital, a leading independent Australian wealth management firm advising high net worth and

not-for-profit clients with more than A$10bn of AUM, on the sale of a strategic minority interest to Emigrant Partners,

a Connecticut-based investment firm focused on the wealth and asset management industry with 17 partner firms managing approximately $90b of aggregate AUM

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The investment provides several strategic benefits to Koda Capital:

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• Experienced long-term partner making its first investment outside U.S.
• Consolidated management ownership and provided liquidity to a number of early external non-management owners
• Supports Koda’s next phase of growth via balance sheet capital and expertise
• Continued independence and autonomy
• Network of resources through Emigrant’s wealth manager partner firms
• Strong cultural fit, with shared values and goals

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Buyside Engagement –Advised on Strategic Acquisition

We represented True Capital Management, a specialized wealth and business management firm focused on professional athletes with more than $2bn of AUM, on the acquisition of FS Wealth Sports and Entertainment, a Nashville-based wealth manager serving athletes, entertainers and other high net worth clients with approximately $200m of AUM

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The transaction provides a number of strategic benefits to True Capital:

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• Geographic expansion to the eastern half of the country, complementing its West coast footprint in San Francisco, Los Angeles and Seattle
• On-the-ground presence in Nashville, one of the most dynamic sports and entertainment hubs in the US
• Highly complementary client base across professional sports leagues including the NFL, NHL, MLB and PGA, and deeper penetration into the entertainment community, including musicians, singer-songwriters and actors
• Significant business synergies and avenues for growth
• Strong cultural fit, with shared values and goals
• Attractive incentive-based financial structure that aligns interests of all parties to the transaction