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A team of investors led by Naples resident and Best Buy Founder Richard Schulze has invested in Meristem Family Wealth, an independently owned wealth management firm based in Minneapolis with an office in Naples.
Schulze's team includes Kevin Bergman, president and chief operating officer of the Schulze family office and Olympus Ventures and Michael Benson, chairman and CEO the wealth preservation consultancy Benson Blackburn, according to a statement. Meristem Family Wealth is one top family wealth management firms in the U.S., with assets under management of $2.35 billion, the release adds.
The investment represents a 25% stake in the firm. No other terms of the transaction were disclosed.
Meristem officials say they will use the capital toward growth-oriented initiatives, specifically market expansion focused on the Naples office. The firm also intends to use the funds to build on the success of South Dakota-based Meristem Trust Company and investments in talent and technology to better serve clients, the release adds.
“We believe Meristem has a strong platform - which includes a South Dakota-based trust company that provides a strategic advantage - focused people and clear purpose,” Schulze says in the statement. “We are excited about the opportunity to help them extend these qualities to new clients and contribute to their growth. We share many of the same financial and philanthropic values, and believe this alignment will positively contribute to the value of our investment.”
In connection with the investment, Bergman and Benson will join the Meristem board of directors.
“Kevin and Michael bring unsurpassed experience in the business and tax consulting arenas, as well as family-office and private wealth management expertise,” Meristem CEO and chairman Charlie Maxwell says in the statement. “As we grow, their counsel and outside perspectives on our board will be invaluable to our firm and our clients.”
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