TA Associates-Backed National Wealth Management Firm's Acquisition of Hybrid Advisory Practice with $990 Million in Client Assets is its 15th Purchase in Last Six Years
MINNEAPOLIS, Minn., Dec. 19, 2019 -- Wealth Enhancement Group, an independent wealth management firm that oversees $15.1 billion* in client assets, today announced that it has signed a definitive agreement to acquire BPU Investment Management Inc., a hybrid advisory firm with three offices in and around Pittsburgh and approximately $990 million in client assets**. This is the 15th transaction for Wealth Enhancement Group over the past six years and marks the expansion of the firm’s footprint into the strategically important Western Pennsylvania region.
The addition of BPU Investment Management continues the momentum Wealth Enhancement Group has built in establishing itself as a leading national wealth management and financial planning brand, driven by a combination of organic growth and targeted acquisitions in key markets across the country.
Founded in 1985, BPU Investment Management has 19 employees, including 13 financial advisors, and focuses on serving individual clients, with a focus on high-net-worth individuals and families. The firm offers wealth management services for private clients, as well as brokerage services for individuals and institutions. It also performs asset management services for private clients, trusts, foundations and retirement plans; operates a retirement plan consulting business; and offers personal financial education services for corporations, associations and organizations.
Jeff Dekko, Chief Executive Officer of Wealth Enhancement Group, said, "Paul Brahim and Robert Unkovic have built an exceptional team with well-established client service capabilities across a range of disciplines, and they will be an excellent addition to the Wealth Enhancement Group family. BPU Investment Management has a strong track record of delivering for the individuals, families and institutions it serves, and we are excited that they will be joining forces with us to deepen the relationships they have built with their current clientele and extend their services to new clients in the Western Pennsylvania region.”
Mr. Dekko continued, “We believe scale matters on a national and local level. Joining forces with BPU Investment Management aligns with our strategy of developing substantial scale in each market where we operate. Their presence in Western Pennsylvania further builds our footprint in the Mid Atlantic region. They’re also bolstering our team of sharp financial advisors across a broad range of markets who are aligned with our goal to bring the best possible advice to more clients throughout the country. BPU Investment Management has the entrepreneurial spark that is essential in all the advisory practices we acquire, and we look forward to accomplishing great things with them in the future.”
BPU Investment Management Chairman and CEO Paul Brahim said, “After being an independent firm for many years, we made the decision to join Wealth Enhancement Group because we believe, in the end, it is the move that will allow us to serve our clients in the best possible way both now and well into the future. The firm’s reputation in the industry is unparalleled, and from our first meetings, we could see that our two firms share the same business DNA – an unmatched commitment to doing the best we can for clients. We are thrilled at the prospect of collaborating with Jeff Dekko and his team.”
The addition of BPU Investment Management’s three locations will bring Wealth Enhancement Group’s total number of offices to 31. Financial terms of the transaction, which will close on Mar. 1, 2020 were not disclosed. Baltimore-based Incap Group, Inc. provided investment banking services for the transaction.
Wealth Enhancement Group is a Greater Minneapolis-based independent wealth management firm offering comprehensive and customized financial planning and investment management services nationwide, with offices in Connecticut, Florida, Iowa, Illinois, Maryland, Minnesota, New Jersey, New York, Pennsylvania, Texas, Virginia and Wisconsin. Founded in 1997 and backed by TA Associates, a global growth private equity firm with extensive experience in financial services investing, Wealth Enhancement Group serves clients in more than 40 states. Wealth Enhancement Group specializes in providing retail clients with the team-based expertise and resources they need to simplify their financial life.
*Wealth Enhancement Group and its Registered Investment Advisor, Wealth Enhancement Advisory Services, have approximately $15.1 billion in client brokerage and advisory assets as of 11/30/2019.
**BPU Investment Management has approximately $990 million in client brokerage and advisory assets as of 10/31/19.
Wealth Enhancement Group is a Greater Minneapolis-based independent wealth management firm offering comprehensive and customized financial planning and investment management services. Established in 1997, Wealth Enhancement Group uses a team approach with a focus on simplifying their clients’ financial lives and has offices nationwide.