Mariner Wealth raises $75M to finance mergers and acquisitions

Overland Park-based Mariner Wealth Advisors raised $ 75 million in junior capital through a second-lien and debt-drawing bond investment from Toronto, Ontario-based Penfund.

Mariner will use the proceeds of the transaction to fund additional mergers and acquisitions and for general corporate purposes.

The company most recently raised money through a minority stake that Leonard Green & Partners LP acquired in July 2021. This sparked an acquisition frenzy that resulted in Mariner adding 13 new companies to its network in 2021. Since its inception, Mariner has acquired 36 companies.

With new funding from Penfund, Mariner is poised to keep the acquisition spree going.

“The Penfund team is excited to support Mariner and its management team in its next phase of growth,” said Adam Breslin, partner at Penfund, in a press release. “We have been looking for opportunities in the RIA industry for over 18 months as we believe the sector has very attractive fundamentals that align well with Penfund’s broader investment mandate. We believe Mariner is a world-class RIA and are excited to partner with Mariner and Leonard Green to make our first investment in the sector. “

Penfund is a provider of junior capital to medium-sized businesses across North America. The fund has approximately $ 2.2 billion in assets under management. It has a longstanding relationship with Leonard Green, a private equity investment firm with more than $ 50 billion in assets under management.