Mergers & Acquisitions


Piper Sandler served as buy-side advisor for GTCR, LLC on its acquisition of a 50% stake in R&T Deposit Solutions

Transaction Summary​​​​

On September 7, 2023, GTCR announced it had made a strategic investment in R&T Deposit Solutions (“R&T”).  Following the investment, GTCR owns 50% of R&T with the remaining 50% retained by existing shareholders, which include Estancia Capital Partners and R&T’s founding team and employees. In conjunction with the investment, Susan Cosgrove, former DTCC President and industry veteran, will join R&T as Executive Chairperson

Press Release Link


Headquartered in Chicago, Illinois, GTCR is a leading private equity firm that has invested more than $25B in over 270 companies and manages more than $35B in equity capital.  GTCR’s Financial Services & Technology Group has completed 30 platform acquisitions and 300+ add-on acquisitions since 2000.  Pioneered The Leaders Strategy, which emphasizes finding and partnering with exceptional management leaders in core domains to identify, acquire, and build market-leading companies through transformational acquisitions and organic growth.


Headquartered in New York, New York, R&T is a leading provider of deposit and liquidity solutions to financial intermediaries around the country.  R&T offers a wide range of innovative tech-enabled services to help banks, credit unions, broker-dealers, trust companies, and wealth managers meet their unique cash sweep, deposit funding, and securities-based lending needs.  The Demand Deposit Marketplace® program provides banks and other institutions with access to millions of dollars in reciprocal deposits, and underlying customers with access to expanded levels of FDIC insurance on their deposits through other participating banks.


Estancia is a specialist private equity firm focused on lower-middle market investments in Institutional Quality Asset Management, Wealth Management, Capital Markets Structure and related Business Services and Technology firms. Estancia’s Principals have a history of partnering with management teams, providing capital to facilitate strategic development of portfolio companies including management buy-outs, private ownership/succession transitions and growth initiatives.  R&T represents Estancia’s fifth portfolio investment in their sophomore fund Estancia Capital Partners, Fund II, L.P.

Asset & Wealth Management