Procyon Partners Acquires OLV Investment Group
Procyon Partners, a registered investment advisor based in Shelton, Conn., that is part of the Dynasty Financial Partners network, has acquired OLV Investment Group, a wealth management firm with over $500 million in client assets and locations in Michigan and Texas.
The deal brings Procyon’s total assets under management to nearly $9 billion and total headcount to nearly 80. The addition also expands Procyon’s presence into the Midwest and South, bringing on seven new advisors and 13 team members.
OLV was founded in 2021 and is now run by principals Tim Tenneriello, Joel LaGore and Jesse VanValin. They were previously affiliated with AE Financial Services, a Topeka, Kan.-based independent broker/dealer, but they dropped their FINRA licenses this month.
“By joining forces with OLV, we are extending the reach of our platform to new regions and clients with evolving financial needs,” said Phil Fiore, CEO of Procyon, in a statement. “This is about applying what we’ve built to serve a wider audience, without ever losing the personal touch that defines us.”
OLV primarily serves individuals, but it does have some pension and profit-sharing plans as clients. Procyon has a large institutional business.
This follows news earlier this year that Procyon sold a minority stake in the business to Constellation Wealth Capital, a private equity firm founded by former Emigrant Partners CEO Karl Heckenberg. In an interview with WealthManagement.com, Fiore said his firm would use the capital to make four to six deals per year, focusing on the space between the Mississippi River and the East Coast.
In July, Procyon acquired Wooster Corthell Wealth Management, another Connecticut-based advisory firm managing about $600 million in client assets, its first deal since the Constellation investment.
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