HBK, a Canfield, Ohio-based tax and wealth management firm, has sold a stake to H.I.G. Capital, a Miami-based alternative investment firm with $75 billion of capital under management.
The investment includes backing for HBKS Wealth Advisors, a registered investment advisor with $7.7 billion in assets under management, according to its latest Form ADV. H.I.G. said it expects the investment to close in the fourth quarter of 2026. HBK’s partners will continue to lead the firm.
“Partnering with H.I.G. gives us the resources to scale our business and invest in the professionals and technology that matter most to our clients,” Chris Allegretti, CEO of HBKS Wealth Advisors, said in a statement. “HBKS clients will continue to work with the same advisors, in the same offices, under the same standard of care, as we continue to deliver comprehensive advice to individuals, families, and business owners.”
HBK, which also offers accounting, tax, auditing, consulting, and wealth management technology, has 27 offices in seven states and in India.
H.I.G. did not immediately respond to a request for comment about whether it sees the wealth division as a distribution channel for its alternative investments. The firm has invested in and managed more than 400 companies globally.
Houlihan Lokey advised HBK on the transaction, and William Blair advised H.I.G.
The stake is the third made this week into RIAs with under $15 billion in client assets, as outside funders continue to seek entries into the wealth management sector.
On Tuesday, $14 billion Chicago-based RIA Curi Capital announced it had sold a majority stake to The Vistria Group, a private equity firm in the same city focused on the middle market. Curi employees, owners and existing shareholders, which include outside investor Wealth Partners Capital Group, will maintain stakes in the firm. In an announcement, the firm said the investment will fuel strategic initiatives across technology advancement, talent acquisition and development, client experience innovation and strategic M&A.
William Blair advised Vistria on the move, which the firms expect to close in late September.
Finally, on Monday, $7.6 billion Confluence Financial Partners announced it had sold a minority stake to active RIA investor Constellation Wealth Capital, which was founded by former Emigrant Partners CEO Karl Heckenberg in late 2023.
Confluence’s management team will remain in place through the deal, while Constellation will provide capital and strategic support, according to the announcement.
Confluence has five offices across Pennsylvania and Florida, along with $400 million in 401(k) assets under advisement, according to the announcement.
“We were intentional about finding a partner who appreciates both what Confluence has become and what we believe it can be,” said Greg Weimer, CEO and Co-Founder of Confluence. “Constellation understands our industry, respects our culture and shares our long-term mindset. That alignment was extremely important to us.”
External investment in the RIA space continues to reshape the sector, partly by driving a robust M&A market, according to a recent report by the consultancy and investment bank Marshberry. In its M&A trends report for the second quarter, Marshberry found that private equity-backed wealth acquirers accounted for 72% of announced transactions in the first half of 2026.
“Although independent firms remain active participants in the M&A market and continue to close transactions, the data illustrates the challenge of developing a consistent, scaled acquisition strategy without the support of private capital, which remains a meaningful driver of repeat transaction activity,” the consultants wrote.
