BOSTON & SAN FRANCISCO, June 17, 2025 — Audax Private Equity (“Audax” or “the firm”), a capital partner for middle and lower middle market companies, announced today it has agreed to the sale of CW Advisors, LLC (“CWA”), a registered investment advisor (RIA) managing $13.5 billion in fee-only client assets. Osaic, Inc. (“Osaic”), a portfolio company of Reverence Capital Partners, is acquiring CWA. Terms of the deal are not disclosed. The transaction is expected to close in the third quarter subject to customary closing conditions.

Headquartered in Boston with 17 offices across the country and over 140 employees, CW Advisors (FKA: Congress Wealth Management, LLC) serves high-net-worth (HNW) and ultra-high-net-worth (UHNW) clients, offering core wealth management and investment advisory services. During Audax Private Equity’s roughly two-year hold, CWA saw its assets under management more than double through a combination of organic and inorganic growth.

Osaic is one of the nation’s largest providers of wealth management solutions and is acquiring CWA to build scale in its fee-only channel. CW Advisors will retain its brand, management team, and client service model as an independent RIA. Existing employee shareholders will retain a meaningful equity stake, and the transaction includes continued equity participation from Audax.

“When we first invested in CW Advisors, we were drawn to the strength of the firm’s management team, its track record of AUM and revenue growth, and the opportunity to leverage our Buy & Build model to help the team capitalize on the opportunity set in front of the business,” noted Bill Allen, a Managing Director at Audax and Head of the firm’s Financial Services specialization.

“The pace and volume of growth have exceeded even our own expectations, which traces back to the sense of partnership between Audax and the entire CWA team,” added Jay Petricone, a Managing Director at Audax and member of the firm’s Financial Services vertical.

Since July of 2023, CW Advisors completed 10 acquisitions that helped to expand its geographic footprint and suite of services. The M&A activity complemented strategic initiatives to invest in CWA’s family office business, in addition to corporate investments in CWA’s IT infrastructure, Office of the CFO, and marketing efforts to help scale the organization and accelerate organic growth.

“Audax clearly understands ‘people’ businesses and recognizes the importance of investing in the team and aligning interests to set the stage for accelerated growth,” noted Scott Dell’Orfano, Chief Executive Officer of CWA. “Audax was a collaborative and constructive partner. They demonstrated an intimate understanding of the wealth management space and helped us pursue a thoughtful approach to growth that helped position CWA as an acquirer and partner of choice.”

“Following the sale of Stout, also announced in June, the realization of CWA marks the second exit out of our Financial Services specialization, which we launched in 2021,” noted Adam Abramson, a Partner at Audax. “A common thread between the two investments is that we sought to work with exceptional management teams, we trusted and supported their visions for growth, and we believe both represent tremendous outcomes for management, the firms, Audax, and our investors.”

Including the announced deals for CWA and Stout, Audax, as of June 13th, has secured eight realizations across its Flagship and Origins strategies over the previous 12 months.

Ardea Partners LP served as lead advisor to CWA on the sale and Houlihan Lokey also served as an advisor, while Kirkland & Ellis LLP and Winston & Strawn LLP provided legal counsel.

ABOUT AUDAX PRIVATE EQUITY:
Headquartered in Boston, with offices in San Francisco, New York, London and Hong Kong, Audax Private Equity manages three strategies: its Flagship and Origins private equity strategies, seeking control buyouts in the core middle and lower middle markets, respectively, and its Strategic Capital strategy that provides customized equity solutions to PE-backed portfolio companies to help drive continued growth. With approximately $19 billion of assets under management as of March 2025, over 290 team members, and 100-plus investment professionals, Audax has invested in more than 175 platforms and over 1,350 add-on acquisitions since its founding in 1999. Through our disciplined Buy & Build approach, across six core industry verticals, Audax seeks to help portfolio companies execute organic and inorganic growth initiatives with the aim of fueling revenue expansion, optimizing operations, and significantly increasing equity value. For more information, visit www.audaxprivateequity.com or follow us on LinkedIn.

ABOUT CW ADVISORS
CW Advisors, LLC is an SEC-registered investment management firm headquartered in Boston, developing innovative wealth solutions for high-net-worth and ultra-high-net-worth individuals, families, foundations, and endowments. CW Advisors, through superior service and sound, objective advice, offers financial planning and investment consulting and management services, tailored to each client’s unique needs to protect and grow assets. CW Advisors provides specialized family office services to meet the distinctive needs of ultra-high-net-worth and multigenerational families. Registration does not imply a certain level of skill or training. For more information, visit www.cwadvisorsgroup.com.