An expansion-hungry local investment firm has just raised a pile of cash.
Cary Street Partners, a 15-year-old Shockoe Slip-based wealth management and financial advisory business, closed last week on an $18.9 million capital raise.
Tom Tullidge, founder and chief strategy officer, said it will use the money to pursue acquisitions of other firms and recruit talent from competitors. That will add to its base of about 80 employees in 13 offices in six states.
“We see an opportunity in the market,” Tullidge said. “The industry is changing away from the big wire houses. The market is moving in our direction.
“This will give us the balance-sheet strength we need to attack the market.”
The capital was raised in a private placement from about 30 investors that included both local and out-of-town contributions. It was mostly equity, but also included some debt capital. The company had the ability to raise up to $22 million. Read more at RichmondBizSense.com