CAPTRUST, a Raleigh, N.C.-based RIA, has acquired Davidson & Garrard, a registered investment advisory firm managing $700 million in Lynchburg, Va. Terms of the deal were not announced.
The acquisition brings assets under management at CAPTRUST, which operates 35 offices nationally, to more than $244 billion.
In a release, CAPTRUST said that Davidson & Garrard's principals — Bill Paxton, Dave Hansen, Jack Flippin and Steve Crank — will remain with the firm, which will adopt the CAPTRUST name. Davidson & Garrard has 13 employees and also operates an office in Lexington, Va.