Sequoia Financial Group has struck an agreement to acquire Carlson Capital Management, a $3.8 billion investment advisor firm based in Northfield, Minnesota.
The acquisition of CCM is Sequoia’s largest by number of employees and wealth advisors, according to the announcement. The firms expect to complete the transaction on March 31, and financial terms were not disclosed.
CCM provides integrated wealth management services including investment, retirement, tax, estate, risk management and philanthropic planning to approximately 1,300 clients — primarily in the greater Minneapolis-St. Paul area.
The firm brings 80 team members to Sequoia, including 30 wealth advisors. Upon completion of the acquisition, co-founders Gregory Carlson and Jeffrey Carlson will become senior strategic advisors, while CEO Justin Stets will be executive vice president of integrated wealth services for Sequoia Financial.
Stets cited Sequoia’s “shared values of integrity, teamwork and extraordinary service” as drivers of the move.
“This strategic partnership is driven by our shared goal of enhancing value for our clients and enriching their lives through an impactful wealth management experience,” Stets said in a statement.
Tom Haught, CEO of Sequoia Financial, said the addition of CCM expands his firm’s growing national presence while adding new tax planning and tax compliance capabilities to the practice.
With CCM’s four Minnesota locations, Sequoia Financial will have 34 offices in 19 states.
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