Georgia-based wealth management company Merit Financial Advisors (Merit) has acquired Madison, Wisconsin-based firm Mennenga Tax & Financial (Mennenga).
The transaction is expected to add $715m in assets and extend its client service capabilities in Wisconsin.
Mennenga Tax & Financial specialises in wealth management, estate planning, and tax planning and preparation.
As part of the acquisition, Mennenga’s team of over 35 people, including 20 credentialed enrolled agents, will join Merit.
Its founder, Marshall Mennenga, will be appointed as wealth manager, tax advisor, and partner at Merit.
The acquisition follows Merit’s recent acquisition of Obsidian Planning Solutions, which brought in $476m in assets last month and expanded its expertise in business succession planning.
Merit Financial Advisors managing principal and partner Zach Mersberger said: “The addition of Mennenga reflects Merit’s continued focus on providing holistic financial planning which, in turn, will deliver more value to our clients.
“Marshall and his team’s tax planning experience strengthens our approach and allows us to serve clients in a more comprehensive way.”
Mennenga’s integrated approach to financial services will be incorporated into Merit’s operations to support broader financial guidance for clients.
As part of the acquisition, Mennenga’s team will get access to Merit’s technology, resources, and marketing solutions to support its client offerings.
FP Transitions, a specialist M&A advisory firm for the wealth management industry, served as advisor on this transaction.
Marshall added: “As we evaluated the next stage of our firm’s evolution, it became clear that partnering with Merit would allow us to enhance our client service while remaining true to our values.
“Merit’s operational excellence, best-in-class technology, and strong client-centric culture made them the ideal partner.”
