Lightyear Capital-backed Wealth Enhancement buys CLA Financial Advisors

Advisory firm Wealth Enhancement Group announced it's purchasing a $200 million wealth management firm, its third acquisition since being bought by private equity firm Lightyear Capital 18 months ago. In its latest push towards becoming a national wealth management firm, the Plymouth, Minn.-based adviser is buying CLA Financial Advisors in Northbrook, Ill., the firms announced on Thursday. Wealth Enhancement Group, which has about $6.3 billion in assets, did not disclose the terms of the deal. In two deals earlier this year, the firm bought Houston-based Sound Financial Solutions in May and HHG & Co. in Darien, Conn., in March. “The firms we've acquired have given us the boots on the ground to build or expand a substantial presence in each of our target markets, while the team-oriented approach, robust resources and investment acumen we bring to the table have enabled them to unlock growth potential that had previously been untapped,” said Jeff Dekko, chief executive of Wealth Enhancement Group. The firm is dually registered as an RIA and a broker-dealer offering securities through LPL Financial. Lightyear Capital bought a majority stake in the wealth management firm in June 2015.