Today, Pinnacle Associates, Ltd. (“Pinnacle”) announced the acquisition and partnership with Investment Management of Virginia, LLC (“IMVA”), a registered investment advisor administering approximately $580M in AUM for high net worth individuals and institutions. The deal’s terms were not disclosed.
IMVA has offices in Richmond and Charlottesville, Virginia, and offers a variety of equity-based investment strategies that are tailored to the specific requirements of each client. Founded in 1982 as a subsidiary of Scott & Stringfellow, Inc., the company became independent in 2000 after a management-led acquisition.
“In today’s competitive marketplace, the IMVA model of providing attentive, experienced investment management services in a flourishing region of the country is compelling. The foundations of the firm’s success are its ability to cultivate and deepen relationships and its dedication to providing exceptional client service. Scott Brown, the president of Pinnacle, stated, “We are excited to partner with this team.”
John H. Bocock, chairman of the IMVA, stated, “Pinnacle values the close relationships we have with our clients, our experience and track record in managing assets for both individuals and institutions, and our commitment to providing comprehensive personal client service.” “We are excited to put Pinnacle’s extensive capabilities to work for our clients, which include extensive experience in domestic and international markets, comprehensive financial planning, and impressive back office and support teams. We are thrilled to be joining a privately held company that shares our values and investment philosophy.”
IMVA was advised by Dynasty Investment Bank as its exclusive financial advisor and McGuireWoods as its legal advisor. Pinnacle had Kupfer & Associates, PLLC as its legal advisor and MPI as its transaction advisor.