Savant CapitalLLC raised more than $50 million, plus additional future capitalcommitments, and expanded employee ownership to 47 from 19.
The company said the new capital structure positions thefirm to remain independent now and into the future, addressing shareholderliquidity needs and supporting future M&A opportunities. The transaction,which closed Sept. 30, included a large new equity investment by companyco-founder and CEO Brent Brodeski.
Outside investors included The Cynosure Group; Vlasic Group;Bootstrap Capital; Nonami Investments; Kingsway Financial Services Inc.;Charlie Johnston, the retired CEO of Smith Barney and president of MorganStanley Smith Barney; Carson Group; Beaird Harris Wealth Management; and 12other private investors.
Savant's private capital investors are long-term-orientedand cannot require Savant to sell the firm. The company will retain asignificant controlling interest, and the employee group as a whole will maintainmore than 75% of the ownership.
Savant's board was advised by Berkshire Capital SecuritiesLLC. Brodeski and the management team were advised by Pursant LLC.