PE-backed Merit seals deal for $773M Zimmermann Investment Management

PE-backed RIA aggregator Merit Financial Advisors has unveiled a deal that expands its presence in a key Northeast US market.

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Merit announced it has acquired Zimmermann Investment Management & Planning, a New Cumberland, Pennsylvania-based RIA.

Financial details of the acquisition were not disclosed.

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The deal, finalized on December 20, marks Merit’s newest office in Pennsylvania – joining Planned Futures in Williamsport and Trinity Financial Partners in Berwynn – and adds $739 million in assets under management to the Georgia-based firm.

Curt Zimmermann, president and founder of Merit’s newest partner firm, expressed pride and excitement at what the partnership means for himself and his team.

“I am thrilled to be taking Zimmermann to the next level of growth by partnering with Merit,” Zimmermann, who’ll be joining Merit as partner and wealth manager, said in a statement. “We are proud to join a firm that aligns with our mission of putting the client first, enabling our team to focus on their responsibilities while expanding how we serve our clients.”

Over the course of his nearly four-decade career in the wealth industry, Zimmemann has built up his practice with a specialization in investment management, retirement, and estate planning for state employees and retirees. For Tyler Vernon, managing principal at Merit, that makes the acquisition an ideal strategic fit.

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“Partnering with Zimmermann opens the door to a new niche market, and we’re thrilled to welcome Curt and his talented team to Merit,” Vernon said.

This acquisition continues Merit’s steady expansion strategy, representing the firm’s fourth Pennsylvania location and its thirty-first transaction since receiving a minority investment in December 2020 from Wealth Partners Capital Group and other investors.

The deal also follows Merit’s recent acquisition of Roth Asset Management in late December, a similarly pivotal transaction that added $773 million in assets and extended its reach into the Pacific Northwest.

As of June 30, 2024, Merit Financial Advisors managed $11.84 billion in assets across more than 40 offices nationwide. The firm’s portfolio includes $8.8 billion in advisory assets, $2.8 billion in brokerage assets, and $253 million in assets under advisement.