In the wake of its acquisition by global private equity firm TA Associates over the summer, hybrid independent advisory Wealth Enhancement Group, which oversees $17 billion in client assets, announced it has acquired Atlanta-based JOYN Advisors, an RIA with about $1.3 billion in client assets.
Terms of the deal, expected to close by April 1, were not disclosed. The merger will provide Wealth Enhancement Group a foothold into the Atlanta market, where it did not have a presence, while it brings the power of a scaled RIA enterprise to JOYN.
Wealth Enhancement Group, previously backed by Lightyear Capital before TA Associates acquired it, has had a robust acquisition strategy in place since 2013. Last October, the firm bought RCL Advisors, a New York-based RIA with nearly $1.4 billion in advisory assets. In December, it acquired BPU Investment Management, a hybrid advisory with $990 million in assets.
DeVoe & Co. advised on the deal.
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