Sustainable investing RIA Earth Equity Advisors has been acquired by Prime Capital Investment Advisors, the firms announced today.
The deal gives Prime Capital an injection of $151m in assets under management and a practice focused on sustainable, responsible and impact investing, the companies stated.
Prime Capital, a wealth management firm based in Overland Park, Kansas, oversees $22bn in assets.
Earth Equity, which is based in Asheville, North Carolina, specializes in fossil-fuel-free portfolios that include investments in clean energy, transportation, real estate and food companies. The advisor, a Certified B Corporation, was founded in 2004.
The acquisition will add 275 household clients to Prime Capital, according to the announcement.
Earth Equity CEO Peter Krull is joining Prime Capital as partner and director of sustainable investing. The rest of the firm’s team joining the acquiring firm includes three financial advisers and a client service associate.
Earth Equity will retain its brand name but will add “a Prime Capital Investment Advisors Company” to it.
The deal is the second that Prime Capital has announced so far in 2023. On Jan. 3, it disclosed its acquisition of Pasadena, California-based Stonnington Group, which manages $575m for 275 clients.