P10 Industries Inc. has completed its acquisition of RCP Advisors 2 LLC.
P10 Industries has also agreed to acquire RCP Advisors 3 LLC in January 2018.
RCP Advisors, a sponsor of private equity funds-of-funds, secondary funds and co-investment funds, also provides advisory and research services. It has raised approximately $6 billion of committed capital since its founding nearly two decades ago.
RCP Advisors has received 44,171,233 newly issued shares of P10 Industries, alongside cash and seller notes. The newly issued shares represent approximately 49% of P10 Industries outstanding shares.
RCP Advisors will operate as a wholly owned subsidiary of P10 Industries and will continue to be managed by its existing team.
Additionally, P10 Industries CEO Mark Ascolese has handed over the CEO duties to Robert Alpert and C. Clark Webb. Ascolese and Daryl
Dulaney are also stepping down as P10 Industries board members. RCP Advisors Co-Founders and Managing Partners William Souder and Jeff Gehl will replace Ascolese and Dulaney on the P10 Industries board.
P10 Industries is a public company aimed at monetizing intellectual property assets and acquiring businesses in the commercial and industrial markets.