CityWire: When Freedom is Part of the Deal

Behind Cary Street Partners’ Acquisition of $224m Waypoint Advisors

For Virginia Beach, Virginia-based Waypoint Advisors, finding the right M&A partner was a labor of love.

Elizabeth Patterson, the $224m firm’s president, first began looking for a buyer in the fall of 2018. But by the time she met Cary Street Partners roughly a year later, she already been burned a few times.

“We were kind of skeptical because we had already met with other firms. I like to call this The Dating Game. We had other suitors that were disappointing,” Patterson said. ‘We came into it thinking: “Oh gosh, I hope we’re not going to be disappointed again.” We might have had a negative anticipation.’

So how did $4bn Cary Street Partners sweep Waypoint Advisors off its feet?

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