F2 Strategy, a leading wealth management technology services firm, today announced the acquisition of preeminent consulting and services provider Oakbrook Solutions (“Oakbrook”) as well as a majority investment from private equity firm Renovus Capital. The deal marks a significant milestone for F2 Strategy and sets the stage for accelerated growth and expanded service offerings.
Doug Fritz, CEO and co-founder of F2 Strategy, will lead the unified teams under the F2 brand, leveraging his successful track record in the wealthtech sector. F2 Strategy takes pride in nurturing personal relationships with its clients, blending high touch with high tech. This principle remains steadfast, and with the inclusion of Oakbrook’s extensive expertise, F2 Strategy will further enhance its clients’ access to tech strategy leadership, subject matter experts, cutting-edge research, and an extensive professional network both domestically and internationally. It will also continue to build on the strength of its Outsourced CTO (OCTO)™ offering, a fully customizable technology solution designed to support high-growth organizations in their pursuit of innovation.
Founded in 2000 and based in Winston-Salem, North Carolina, Oakbrook caters to a diverse range of financial services clients such as banks, trust companies, RIAs, family offices, retirement plan providers, and custodians. The addition of Oakbrook’s 75-strong team bolsters F2 Strategy’s wealth management and bank trust domain experience, cementing the firm’s position as a premier player in the wealth management technology services sector. With the newly added depth of expertise, F2 Strategy is uniquely positioned to provide comprehensive consulting solutions and maintain its leadership position in the industry.
With a client base now representing more than $2.5 trillion in AUM, F2 Strategy’s approach is informed by a combination of the team’s personal and professional experiences, in-depth research, and collective insight from industry specialists. In the past year alone, F2 Strategy has further strengthened its capabilities with the addition of several key hires and is now pleased to welcome the entire Oakbrook team, boosting its combined organizational headcount to 100 employees. Further, F2 Strategy’s commitment to harnessing industry acumen to the benefit of its clients has garnered it recognition from several industry awards programs. Notably, the firm was recently named by the Private Asset Management Awards 2023 as the best business consulting firm for family offices.
Fritz stated, “This strategic deal marks a pivotal moment in our journey, as we combine our strengths with Oakbrook and add the support of Renovus Capital. Together, we will leverage our collective capabilities to uncover new opportunities, expand market reach, and deliver unparalleled results for our clients. I am honored to lead this unified team and couldn’t be more excited for the transformative impact we will have on the industry.”
“Our team at Oakbrook Solutions is excited to join the F2 Strategy family, where our combined strengths will drive extraordinary outcomes for our clients,” added Craig Cook, CEO at Oakbrook Solutions, who will be joining the F2 Strategy board. “Our shared commitment to exceptional service, innovation, and industry expertise will enable us to further support our clients’ success. Together, we will help raise the bar and set new standards for excellence in the financial services technology landscape.”
“F2 Strategy, along with the immediate addition of Oakbrook, embodies everything we look for in an investment – a strong value proposition to clients, a dynamic team, and significant industry momentum,” said Lee Minkoff, principal at Renovus Capital. “Their leadership in technology strategy and implementation for high-growth organizations, coupled with their deep understanding of the wealth management industry, sets them apart.”
Jesse Serventi, founding partner at Renovus Capital, added, “We firmly believe that F2 is uniquely positioned to capitalize on the evolving needs of clients in today’s digital age. Consistent with Renovus’ approach to working with its portfolio companies, our partnership aims to fuel F2’s growth and help drive their expansion in the market, propelling them to even greater success.”
Broadhaven served as exclusive financial advisor to F2 Strategy. Terms of the transaction were not disclosed.
About F2 Strategy
F2 Strategy, creator of Outsourced CTO (OCTO)™, is a wealthtech management consulting firm helping complex RIA, wealth, bank/trust and family office firms improve their technical capabilities to build exceptional client and advisor experiences. Led by former executives of a wide range of top-rated wealth firms and family offices, F2 Strategy combines their results-driven management strategy with industry-leading, proprietary research to create customized high-tech solutions. A diverse, creative, and people-centric company, F2 Strategy believes the right technology has the power to support, elevate, and empower us all to reach the highest level of fulfillment. F2 Strategy was founded in 2016 in San Francisco.
About Oakbrook Solutions
Oakbrook is a leading consulting and services firm for the Wealth Management industry serving banks and trust companies, RIAs, single and multi-family offices, private banks, retirement plan providers, custodians and other industry service providers. For more information, please visit oakbrooksolutions.com.
About Renovus Capital Partners
Founded in 2010, Renovus Capital Partners is a lower middle market private equity firm specializing in the Knowledge and Talent industries. From its base in the Philadelphia area, Renovus manages over $1 billion across its three sector focused funds and other strategies. The firm’s current portfolio includes over 25 U.S. based businesses specializing in education and training, healthcare services, technology services and professional services. Renovus typically partners with founder-led businesses, leveraging its experience within the industry and access to debt and equity capital to make operational improvements, recruit top talent, pursue add-on acquisitions and oversee strategic growth initiatives. For more information, please visit renovuscapital.com.
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