Minneapolis-based Wealth Enhancement Group, the registered investment advisory bought by private equity firm Lightyear Capital last April, has acquired HHG & Company, a Darien, Conn.-based RIA with $1 billion in assets. While Wealth Enhancement Group, with $4.5 billion in assets, has been expanding into the Midwest since 2013, the latest deal expands its footprint in the Northeast.
“We are focused on growth, but more importantly, we want to grow the right way,” says Jeff Dekko, CEO of Wealth Enhancement Group.
The Wealth Enhancement Group serves mass affluent clients and aims to build the business into a national brand. Currently, the firm serves over 10,000 households in over 40 states.
The financial terms of Wednesday’s deal were not disclosed, but all of HHG’s staff will remain in place and former CEO George Stapleton has been named regional president. The acquisition is expected to close by the end of the second quarter of 2016.
With the acquisition, HHG will be able to take advantage of Wealth Enhancement Group’s scale and strategy, Stapleton said.
“Wealth Enhancement Group has created a truly compelling, team-based approach to providing comprehensive financial planning for all the clients it serves,” Stapleton said. “Joining this firm puts us in the enviable position of being able to offer our clients a significantly expanded value proposition—including advanced investment management and planning recommendations, as well as sophisticated back-office capabilities—without diluting the level of service we already provide.”