Key Takeaways
- • Hill, Barth & King (HBK), parent company of $7.6 billion RIA HBKS Wealth Advisors, is selling a 45% stake to private equity firm H.I.G. Capital, marking another PE entry into professional services and advisory businesses.
- • The transaction underscores accelerating private equity interest in scaling advisory and accounting platforms, with deal-specific financial terms not yet disclosed publicly.
- • HBK leadership notified staff of the transaction in July 2026, positioning the deal as part of the firm's growth strategy within the wealth advisory sector.
- • The transaction adds to a documented trend of PE sponsors targeting advisory firms with scalable business models, following similar moves across the professional services industry.
Summary
Hill, Barth & King (HBK), the accounting parent of $7.6 billion registered investment advisor HBKS Wealth Advisors, has agreed to sell a 45% stake to private equity firm H.I.G. Capital. The transaction represents another significant move by private equity sponsors into the professional services and wealth advisory sectors, where PE firms have increasingly targeted platforms with established client bases and scalable operating models.
HBK leadership disclosed the stake sale to company staff in July 2026. While specific financial terms of the transaction have not been publicly disclosed, the deal structure involves H.I.G. acquiring a minority stake rather than a majority control position. This structure allows HBK's existing ownership to retain significant operational control while gaining growth capital and PE partnership resources.
The transaction aligns with a broader industry trend of private equity capital flowing into advisory and accounting businesses. PE sponsors have demonstrated sustained appetite for professional services platforms, particularly those with recurring revenue models, established client relationships, and opportunities for add-on acquisitions or operational scaling. The wealth advisory sector, in particular, has attracted PE interest as firms seek to consolidate fragmented markets and expand service offerings across multiple channels.
For institutional investors and family offices monitoring PE market activity, the HBK-H.I.G. transaction signals continued confidence in the profitability and scalability of wealth advisory platforms despite market volatility. The deal also reflects PE's strategic focus on professional services as an alternative to traditional buyout targets, with sponsors emphasizing operational enhancement and growth through acquisition rather than financial engineering alone.
HBK leadership disclosed the stake sale to company staff in July 2026. While specific financial terms of the transaction have not been publicly disclosed, the deal structure involves H.I.G. acquiring a minority stake rather than a majority control position. This structure allows HBK's existing ownership to retain significant operational control while gaining growth capital and PE partnership resources.
The transaction aligns with a broader industry trend of private equity capital flowing into advisory and accounting businesses. PE sponsors have demonstrated sustained appetite for professional services platforms, particularly those with recurring revenue models, established client relationships, and opportunities for add-on acquisitions or operational scaling. The wealth advisory sector, in particular, has attracted PE interest as firms seek to consolidate fragmented markets and expand service offerings across multiple channels.
For institutional investors and family offices monitoring PE market activity, the HBK-H.I.G. transaction signals continued confidence in the profitability and scalability of wealth advisory platforms despite market volatility. The deal also reflects PE's strategic focus on professional services as an alternative to traditional buyout targets, with sponsors emphasizing operational enhancement and growth through acquisition rather than financial engineering alone.
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