Wealth Enhancement Group has agreed to buy HHG & Co., a registered investment adviser in Connecticut that manages more than $1 billion of assets, to expand in the Northeast.
Wealth Enhancement, which is owned by Donald Marron's Lightyear Capital, announced the deal Wednesday without disclosing terms. The Plymouth, Minn.,-based firm provides wealth management services to more than 10,000 households in more than 40 states, with almost $4.5 billion in brokerage and advisory assets as of the end of December.
Dealmaking among independent financial planners is poised to pick up after record merger activity in 2015, according to consulting firm DeVoe & Co. The registered investment advisory industry saw an unprecedented 123 acquisitions last year, exceeding by 37% the previous record set in 2014, DeVoe said in a research report last month.
Private-equity firm Lightyear Capital bought a majority stake in Wealth Enhancement Group last year. The purchase of Darien, Conn.-based HHG is expected to be completed during the second quarter, according to Wednesday's announcement.