Lido Advisors, LLC (“Lido”) announced today a key strategic partnership with Charlesbank Capital Partners (“Charlesbank”), a middle-market private investment firm. Charlesbank, which initially oversaw private investments inside the Harvard University endowment before becoming an independent firm in 1998, will become a significant investor in Lido alongside the founders and management team.
“We couldn’t be more excited to partner with Charlesbank at this pivotal time for Lido and, more importantly, for our clients,” said Jason Ozur, Lido’s Chief Executive Officer. “With Charlesbank at our side, our unparalleled investment and wealth planning solutions will continue to expand, both in breadth and scope, all to the benefit of our clients.”
Founded in 1999 and headquartered in Los Angeles, Lido is a full-service, independent Registered Investment Advisor (“RIA”) that brings an innovative family office investment approach to grow and safeguard its clients’ wealth and legacies. Lido’s clients include high-net-worth and ultra-high-net-worth individuals, family offices, corporate executives, non-profit organizations and foundations. As one of the fastest growing RIAs in the United States, Lido has been recognized by a number of publications, including Forbes, Barron’s, and the Financial Times. Today, Lido has over $9 billion in assets under management and a national presence, with offices in 12 major metropolitan areas and plans for expansion across the country both organically and through acquisition. Lido’s executive team will remain intact and will focus on continuing to enhance the client experience by expanding Lido’s services, broadening its investment offerings and extending the use of technology.
“We take pride in cultivating trusted relationships with our clients and are thrilled that we found a strategic and financial partner who supports our mission and differentiated approach,” said Ken Stern, Lido’s President. “I am delighted about our partnership with Charlesbank, and I believe this will enable all of us at Lido to deliver an even more exceptional client experience,” concluded Greg Kushner, Lido’s Founder and Chairman.
“We are thoroughly impressed by Lido’s client-first approach and differentiated capabilities and feel privileged to partner with this talented management team as they continue to build Lido into the premier independent wealth management platform,” said Michael Choe, Managing Director & CEO of Charlesbank. “Lido has proven to be an unparalleled home for clients and financial advisors alike, and we are excited to leverage our experience and network to accelerate its organic growth and M&A strategy.”
The transaction is expected to close in the second quarter of 2021, subject to customary closing conditions. Financial terms of the transaction were not disclosed.
Piper Sandler & Co. served as strategic and financial advisor to Lido. Sheppard, Mullin, Richter & Hampton LLP and Herrick Feinstein LLP served as legal counsel to Lido.
Ardea Partners LP served as financial advisor to Charlesbank. Ropes & Gray LLP and Alston & Bird LLP served as legal counsel to Charlesbank.