Independent registered investment adviser Savant Capital Management has agreed to acquire Paragon Advisors, a Naperville, Ill.-based RIA, in a deal that will boost Savant's assets under management to $3.7 billion.
Terms of the acquisition were not disclosed but Savant said in a statement that the deal is scheduled to close Dec. 31.
Gregory De Jong, founding principal of Paragon, and two Paragon client service team members will join Savant Capital, which is headquartered in Rockford, Ill.
"We said from Day One of deploying an M&A strategy that we would only consider the best RIAs," Brent Brodeski, chief executive of Savant Capital, said in the statement. “And Paragon lives up to their name, aligning with us regionally, structurally, philosophically, and culturally."
Mr. De Jong said the deal would allow Paragon to expand its offerings “and secure the long-term future of our practice.”