Captrust Adds $1.97B in Double DealCaptrust Adds $1.97B in Double Deal
Captrust has acquired Virginia-based Campbell Wealth Management and St. Paul, Minn.-based TruNorth Wealth Partners.
Captrust Financial Advisors, the Raleigh, N.C.-headquartered registered investment advisor that recently surpassed $1 trillion in total client assets, has acquired another two RIAs with a combined $1.97 billion in assets.
Captrust is adding Campbell Wealth Management, an RIA in Alexandria, Va., with 33 employees and $1.4 billion in assets, and TruNorth Wealth Partners, a St. Paul, Minn.-based RIA with about $570 million in client assets and 10 employees.
Campbell was founded in 2003 by CEO Kelly Campbell and represents Captrust’s first Alexandria location. According to public filings, the team uses Madison Avenue Securities for brokerage business. Campbell focuses on retirement planning services, primarily for clients aged 55 and older.
“Joining Captrust was a natural next step for our firm because it also believes in the importance of financial planning and is helping us to bring deeper resources to clients, including estate planning, more extensive tax planning, and family office services,” Campbell said in a statement.
TruNorth Wealth Partners, meanwhile, was founded by CEO Peter Rekstad in 2005. In 2013, he merged his firm with BGM Wealth Management, a Bloomington, Minn.-based RIA. The firm serves executives, professionals and institutions and also operates an office in Sacramento, Calif.
“Over the years, I’ve had many ideas about additional services that would be really impactful for our clients’ financial lives but were just not feasible, given the size of our firm,” Rekstad said in a statement. “With Captrust, we can provide family office services, access to tax planning and compliance, and more, all from trusted Captrust colleagues who uphold our standards of service beyond expectation.”
Campbell used Houlihan Lokey as its advisor in the transaction, while TruNorth was advised by Advisor Growth Strategies.
This follows Captrust’s deal in November to acquire Boston Financial Management, a Boston-based RIA with nearly $5 billion in client assets, the firm’s first large deal this year and sixth Massachusetts acquisition since 2019.
Captrust, which was founded in 1997, grew initially by serving institutional clients, such as retirement plans. However, the firm found those retirement plan participants were natural clients of the wealth management business. Captrust now serves 3,000 retirement plans around the country.
This summer, Captrust announced it had surpassed $1 trillion in total assets under management and advisement, a big milestone for the independent RIA channel.
Captrust began an aggressive acquisition strategy in 2006 and has since completed about 74 deals. Three years ago, the firm announced it sold a 25% stake to private equity firm GTCR—based on a valuation of $1.25 billion. Last fall, Captrust sold a minority stake to Carlyle.
