Sequoia Financial Group agreed to acquire Carlson Capital Management in a deal expected to close March 31.
Financial terms of the deal between the two wealth managers were not disclosed, according to a news release Jan. 29.
Headquartered in Northfield, Minn., Carlson provides institutional services for endowments, foundations and associations. With about 1,300 clients, the $3.8 billion registered investment adviser has four offices in Minnesota.
The acquisition would bring Sequoia Financial’s total number of offices to 34 across 19 states. Headquartered in Akron, Ohio, the $22.6 billion wealth manager’s services include estate planning and philanthropic planning.
Following the completion of the deal, Gregory Carlson and Jeffrey Carlson, who co-founded Carlson, will work as senior strategic advisers at Sequoia Financial.
Carlson CEO Justin Stets will become vice president of integrated wealth services and report to Tom Haught, founder, president and CEO of Sequoia.
“Under the leadership of Greg and Jeff, the CCM team has built an enduring firm over the past four decades,” Haught said in the news release. “We are thrilled that they have put their trust in Sequoia Financial to work to carry on their legacy of integrity and client-first service.”
Since 2023, Sequoia has made eight acquisitions, most recently completing a deal to buy accounting firm Eide Bailly’s $1.6 billion wealth management practice.
