Captrust acquires Campbell Wealth and TruNorth

Captrust Financial Advisors has announced the acquisition of two registered investment advisors with a combined $1.97 billion in assets. The acquisitions include Campbell Wealth Management in Alexandria, Va., and TruNorth Wealth Partners in St. Paul, Minn. Campbell Wealth Management, founded in 2003 by CEO Kelly Campbell, has 33 employees and $1.4 billion in assets. Kelly Campbell stated, “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.” TruNorth Wealth Partners, led by CEO Peter Rekstad, was founded in 2005 and later merged with BGM Wealth Management in Bloomington, Minn. The firm has about $570 million in client assets and 10 employees. Rekstad said, “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 Wealth Management was advised by Houlihan Lokey in the transaction, while TruNorth was advised by Advisor Growth Strategies.

Captrust adds Campbell and TruNorth

This move follows Captrust’s previous acquisition of a Boston-based RIA with nearly $5 billion in client assets, which was the firm’s first significant deal this year and its sixth acquisition in Massachusetts since 2019. Captrust, founded in 1997, initially grew by serving institutional clients, such as retirement plans. The firm now serves 3,000 retirement plans nationwide. Earlier this year, Captrust announced it had surpassed $1 trillion in total assets under management and advisement. Captrust began its aggressive acquisition strategy in 2006. Three years ago, the firm sold a stake to private equity firm GTCR based on a valuation of $1.25 billion. Last fall, another investment deal was made with Carlyle.