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Sammons Financial Agrees to Acquire Beacon Capital Management

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Sammons Financial Group Inc. — a life and annuity company — has agreed to acquire Beacon Capital Management Inc.

Based in West Des Moines, Iowa, Sammons is parent of Midland National Life Insurance Company, North American Company for Life and Health Insurance and Sammons Institutional Group.

(Related: Sammons Financial Completes Work on New Headquarters)

Sammons Financial is an arm of Sammons Enterprises Inc., a family-owned holding company based in Dallas. The highest-profile company in the Sammons corporate group might be Briggs International, a security services company.

Beacon is a Dayton, Ohio-based registered investment advisor and asset manager. It was founded in 2000 and now has about $3 billion in assets under management.

Terms were not disclosed, but Beacon employees will become Sammons Financial employees, and Beacon contract wholesalers will have relationships with Sammons Financial, the announcement stated.

Chris Cook, president of Beacon, will continue in that position as well as become part of the senior management team at Sammons Financial.

The companies hope to close on the deal by June 30.

Esfand Dinshaw, the chief executive officer of Sammons Financial, said in a statement that the deal will help Sammons Financial expand into the RIA channel while giving Beacon resources it can use to grow.

The companies do not anticipate any changes in service for Beacon clients, they said.

Berkshire Global Advisors is serving as Sammons Financial’s advisor in connection with the transaction.

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