Pathstone, an investment advisory firm offering family office services, announced an agreement Feb. 15 to acquire Boulder, Colo.-based Crestone Capital.

The target advises nearly 150 families with more than $3 billion in client assets. An employee-owned firm, Crestone has more than 50 employees and offices in Colorado, Texas and California. The firm boasts deep expertise in working with ultra-high net worth entrepreneurs and executives.

The completion of the deal will bring Pathstone‘s total assets under advisement and administration to over $100 billion.

The Englewood-based firm boasts 20 offices nationwide with over 550 team members, including 225 who are shareholders.

In a press release announcing the deal, Pathstone CEO Matt Fleissig said that from the beginning, his firm admired Crestone’s culture and approach to working with sophisticated families.

Better together

“The focus on building a firm for ultra-high net worth families is what has historically differentiated both Pathstone and Crestone, making the combination a natural fit and that much more powerful as we seek to build a true multi-generational family office experience for our clients,” said Fleissig. “We could not be more excited to welcome Eric Kramer, who will join our CEO Council and Chief Investment Office and Matt Wiles, who will join Pathstone’s Regional Leadership Team and the rest of the Crestone team as we continue to grow our presence in the highly attractive Rocky Mountain region.”

Kramer says the rationale for the agreement is simple.

“We are a better firm together,” said Kramer. “Pathstone’s laser focus on ultra-high net worth clients meshes nicely with our entrepreneurial and largely self-made clients.”

He noted that advantages of scale are becoming increasingly important in this industry.

“And Pathstone also offers a number of complementary services that are valued by our clients,” said Kramer. “We are excited about the future for our clients, shareholders, and employees.”

“This combination aligns with our ethos of growing to get better, not just bigger and furthers our commitment to building scale within our existing geographic footprint,” said Kelly Maregni, president of Pathstone.