SageView Advisory Group on Thursday announced its first deal of the year, picking up Minneapolis-based retirement plan adviser firm Channel Financial.
Channel, which was founded in 2002, advises on $3.5 billion across more than 130 retirement plans and has a wealth management practice as well.
Following the deal, seven people have joined SageView, including Channel partners Matt Gulseth, Jim McDonald and Dan Stewart, who are now managing directors at the acquiring firm.
The deal closed Jan. 1 and represents the fourth such acquisition over a year for Newport Beach, California-based SageView, which has 31 offices around the country. For the sale, Wise Rhino Group advised Channel, according to the announcement.
Just over a year ago, SageView sold a majority stake of the company to private-equity firm Aquiline Capital Partners. That deal, like others PE investors have made with retirement plan advisers, has provided significant resources to buy up other firms.
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