News Summary
Wellspring Family Office has formed a long-term partnership with The Pritzker Organization, enhancing its investment capabilities. The collaboration involves a minority equity investment from the prominent Pritzker family, aimed at securing permanent capital to support Wellspring’s growth initiatives. This partnership reflects Wellspring’s commitment to enriching client services while expanding into new markets, including a new office in Chicago. Founded in 2007, Wellspring focuses on building strong relationships with its clientele, recently launching a new segment aimed at improving family well-being.
Cleveland, Ohio – Wellspring Family Office has announced a long-term partnership with The Pritzker Organization, a family office based in Chicago. This collaboration marks a significant step for Wellspring, which manages assets totaling between $6 billion and $7 billion for approximately 75 families with a net worth of at least $50 million.
This partnership will see The Pritzker Organization making a minority equity investment in Wellspring, with some members of the prominent Pritzker family expected to become clients. The financial terms of the investment and the specific size of the equity stake have not been disclosed. The cooperation is designed to be long-term, in contrast to traditional private equity investments that often have an exit strategy within a 5 to 7-year timeframe. Wellspring’s founder and CEO, Michael Novak, views this arrangement as a means of securing “permanent capital” to support the firm’s future initiatives.
Wellspring, which rebranded from Wellspring Financial Advisors, was founded in 2007 and has its headquarters at 5900 Landerbrook Drive, in Cleveland. As of August, the firm reported over $4.2 billion in regulatory assets under management. Wellspring prides itself on its growth through referrals and emphasizes maintaining strong relationships with its clientele.
In light of its goals for expansion, Wellspring recently launched a new segment called “Be Well.” This initiative includes offerings such as mental health support for children and concierge medical access, reflecting the firm’s commitment to enhancing the well-being of families it serves. Additionally, the partnership will enable Wellspring to improve its investment and tax services and may lead to the establishment of a trust company.
Wellspring is not only focused on increasing its service offerings but also plans to expand its physical presence by opening additional offices, including one in Chicago. The firm currently employs nearly 40 individuals and has increased its workforce by 12 this year in response to its growing client base. Jason Sussman, a managing director at The Pritzker Organization, expressed enthusiasm for this collaboration, pointing to shared core values between the two organizations.
Wellspring’s leadership and investment philosophy are set to remain unchanged in order to uphold its dedication to client relationships and services. The firm’s selective approach to partnerships stems from its lack of immediate capital needs, signaling that it prioritizes strategic affiliations that align with its overarching mission.
The Pritzker family, known for its significant wealth, has 13 members listed among Forbes’ “Richest People in the World.” Their involvement with Wellspring is expected to enhance the firm’s investment capabilities while providing added value to both parties involved in the partnership.
In summary, the alliance between Wellspring Family Office and The Pritzker Organization represents a strategic move that aims to strengthen the firm’s financial services while ensuring that it continues to support its clients over multiple generations.
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Wellspring Family Office Partners with The Pritzker Organization
Additional Resources
- Crain’s Cleveland Business: Wellspring Family Office Accepts Investment from Pritzker Organization
- Business Wire: Wellspring Family Office Announces Strategic Partnership with The Pritzker Organization
- Wealth Management: Wellspring CEO Contrasts Pritzker Org Deal with Industry’s Standard PE Partnerships
- Family Wealth Report: Wellspring Names New President, COO
- Financial Content: Wellspring Financial Advisors Rebrands as Wellspring Family Office
- Wikipedia: Wellspring Family Office
- Google Search: Wellspring Family Office
- Google Scholar: Wellspring Family Office
- Encyclopedia Britannica: Wellspring Family Office
- Google News: Wellspring Family Office
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