Chicago investment firm buys Center Street Securities

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Companies had combined $60M in 2020 revenues

authors Geert De Lombaerde

A Chicago broker-dealer, investment advisory and insurance firm has bought Nashville peer Center Street Securities to grow its assets under management by about a fifth.

Terms of Arete Wealth’s deal for Center Street, which employs about 50 people, aren’t being disclosed. Arete officials said the two firms had combined 2020 revenues of about $60 million.

Center Street was founded in 1990 and has been owned since 2007 by JR Thacker, who moved the company to Nashville from Virginia two years later. The company now manages about $1 billion for its clients and is based in the 2 International Plaza building off Briley Parkway. It will eventually take on the Arete brand.

“This transaction is an incredible milestone for both of our businesses,” said Arete founder and CEO Joshua Rogers. “It is a testament to the outstanding teams we have assembled, the rapidly growing businesses we created, and the enviable positions both firms are in. We are incredibly excited about the potential this partnership unlocks for us in the years to come because we believe we can move faster together than apart.”

Arete runs more than 100 offices around the country and is home to about 265 advisors.