Fort Capital Partners and Acquatio join forces

Investment banking advisory Fort Capital Partners is acquiring Acquatio, an advisor that specializes in M&A dealmaking in the wealth management industry. The new company will advise wealth and asset management firms, according to a release shared first with Advisor.ca.

“The launch of Fort Capital FS reflects our belief that independent firms deserve independent advice,” said Dave Bustos, founder of Fort Capital Partners, in a release. “We’re thrilled to welcome the Acquatio team to Fort Capital and to expand our platform with professionals who share our values.”

Joe Millott, Acquatio founder and principal, told us in an email interview that the two firms “share a view of where the industry is heading. This is a pivotal time in wealth management, and we want to help clients navigate it with an approach that’s highly tailored and truly independent,” he said.

“Fort Capital has built a strong national presence, with offices in Vancouver, Calgary and Toronto,” Millott said. “Their team includes experienced partners and execution professionals across the country. That footprint will help support the deal flow we’re already seeing, and it gives us more reach to handle what’s coming.”

Millott is joining Fort Capital as a partner. Ben Ewasko has accepted a vice-president role.

The new firm’s value proposition leans heavily on independence.

“In Canada, the large banks dominate wealth management through their brokerages and investment counselling arms,” said Millott. “For independent firms trying to win market share from those incumbents, hiring a bank-owned advisor introduces a built-in conflict. You’re asking someone to help you grow at the expense of their own parent company.”

BMO Wealth Management’s purchase of Burgundy Asset Management Ltd., announced in June, is a case in point. Independents KMS Capital, Origin Merchant Partners and PJT Partners advised Burgundy on the transaction, according to BMO Capital Markets.

Deal volumes to pick up

M&A activity was expected to pop this year, as a result of the post-Covid drop in interest rates and pent-up demand — particularly in the wealth management sector. Despite a couple of headline announcements, 2025 has not met expectations so far.

Millott said the market is heating up though, particularly in the $500 million to $5 billion valuation segment.

“We’re already seeing it,” he said. “Many firm owners are realizing that internal succession isn’t realistic. That’s pushing more of them to start preparing for a sale. At the same time, private equity-backed groups are aggressively looking for opportunities and international buyers are paying close attention to Canada. All of that points to a strong back half of 2025, and even more activity in 2026.”

Vancouver-based Fort Capital was founded in 2014. Acquatio is headquartered in Toronto, and was founded in 2023.