Partners In Wealth acquired; Broad Reach extends its reach
Partners In Wealth, a Houston-based wealth management firm with $350 million in assets under management, has been acquired by the Mather Group of Chicago. Terms were not disclosed.
The transaction brings TMG's assets under management to more than $4.7 billion for nearly 2,100 clients.
One of Houston's largest wealth management firms, Partners In Wealth has provided financial planning and portfolio management services since 1984. It will operate under the Mather Group name. With the acquisition, TMG employs 90 people in Houston.
KBR lands another military contract
KBR has secured an eight-year contract to perform day-to-day base operations for the U.S. Air Force in Europe and Air Force Africa. The contract has a $974 million maximum ceiling value.
The contract is for bases in Spain and Turkey. KBR’s work will include program management; civil engineering; morale, welfare and recreation support; postal operations; and safety, occupational health, industrial hygiene and ambulance services. It will also provide logistics support, such as vehicle management, fuel operations and air terminal services.
Broad Reach Power to add capacity
Broad Reach Power, a power producer based in Houston, announced it is beginning construction on two 100-megawatt standalone battery storage projects in the Texas Hill Country.
One will be west of Austin in Mason County and the other in Williamson County, north of Austin. The two batteries are expected to come online next year. They will store power from generators until it is needed.
The company said it expects to have 100 megawatts of battery storage online by the end of the year and 350 megawatts online by the end of 2021. One megawatt is enough electricity for about 200 Texas homes on a hot summer day.
Entrepreneurship grant for Rice
Rice University is among 52 organizations that will receive federal grants totaling $35 million to support entrepreneurship, acceleration of company growth and increased access to risk capital across regions.
The grants are made annually under the Economic Development Administration’s Build to Scale program.
Rice will receive a $1.5 million Venture Challenge Grant, the largest of the grants awarded. Other Texas recipients include Baylor University ($1.5 million) and the University of Texas Rio Grande Valley ($1.3 million).