Terms of the deal are not being disclosed. The transaction is expected to close around May 31, pending customary closing conditions.
The Watershed name will be eliminated and its three managing directors — Dale Connors, Paul Schreder and Kevin Yoshida — will join Ellwood Associates as senior consultants. They will continue to work out of Watershed’s Greenwood Village location and have equity ownership positions at Chicago-based Ellwood.
A Watershed business development employee and another financial development employee will not remain with the firm, the Ellwood spokesman said.
Ellwood Associates has $52 billion in assets under advisements and Watershed, $3.7 billion.
Watershed marks Ellwood’s first acquisition.