Sammons Financial Group said Thursday that it has signed a definitive agreement to acquire Wealthcare LLC, an RIA with offices in Richmond, Virginia, and Piladelphia, from its private equity owner, NewSpring Holdings.
Wealthcare, a full-service financial advisory firm with nearly 200 independent advisors and over 12,000 clients throughout the U.S., has $8 billion in assets under management.
"We are excited by the breadth and scale of services Wealthcare offers," said Esfand Dinshaw, CEO of Sammons Financial Group, in a statement. "We look forward to adding the Wealthcare team and its 60+ employees to Sammons Financial Group as we expand our growth in the independent financial advisor space. We welcome the independent advisors and employees who are part of the Wealthcare team."
Wealthcare joins Sammons Financial Group's existing portfolio of financial advisory firms, which include Dayton, Ohio-based Beacon Capital Management and NorthRock Partners, with headquarters in Minneapolis and offices throughout the country, including the Bay Area.
"Wealthcare is grateful to NewSpring Holdings for its decade-long partnership, which has successfully fueled our growth," said Matt Regan, president and CEO of Wealthcare, in the statement. "We are excited about our new partnership with Sammons Financial Group as this acquisition aligns perfectly with the long-term vision for both organizations. For Wealthcare, it will provide the capital to accelerate the execution of our growth strategy as a leading destination for financial advisors while enabling Sammons Financial Group to expand further in the wealth management space."
Terms of the transaction were not disclosed. The transaction is expected to close subject to customary regulatory approvals.
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