Captrust Buys $1.6B Wealth Firm

By Janet Levaux

News June 10, 2020 at 03:26 PM

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Captrust Financial Advisors has bought Lakeside Wealth Management, which has $1.6 billion in assets and 27 employees.

The news comes about a week after the private equity group GTCR took a 25% stake in Raleigh, North Carolina-based Captrust Financial Advisors, which was valued at about $1.25 billion.

The acquisition of the Chesterton, Indiana-based firm means Captrust now has some 700 employees, $390 billion in assets under advisement and $45 billion in assets under management.

"Lakeside Wealth Management is an ideal fit for Captrust — not only because of the alignment across their three lines of business, but also because they are a firm that prioritizes giving back to their community," according to Rick Shoff, a managing director for Captrust's Advisor Group.

Captrust has made 41 deals since 2006.

"Despite these unprecedented times, we are continuing on our trajectory of strong organic and inorganic growth," Shoff added.

Lakeside works with $1.1 billion in institutional assets tied to retirement plan design, investment management and participant education, as well as some $525 million related to financial planning, retirement and legacy planning for wealth management clients.

"During our diligence process, it occurred to us that because of our business mix, ensemble structure and culture, we may have been looking for a unicorn," said Lakeside CEO Mark W. Chamberlain, in a statement. "Then Captrust came along."

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