Savant Wealth Management, a Kelso-backed registered investment advisory firm based in Rockford, Ill., plans to acquire Alabama-based Bridgeworth Wealth Management in a deal expected to close by the end of the year.
With offices in Birmingham and Huntsville, Bridgeworth was founded in 2008 and will bring 58 employees and around $2.2 billion in assets to Savant. Bridgeworth co-founder DeLyn Zell will continue to lead the Alabama offices—Savant’s first in the state—and will become a partner in the firm along with nine other existing Bridgeworth owners and five new partners.
“Partnering with Savant fits ideally into the trajectory of our strategic plan,” Zell said in a statement. “Our desire is to offer clients industry-leading client-facing technology and expanded services, including tax planning and preparation and family office resources.”
Savant’s eighth acquisition of the year, Bridgeworth represents the second largest and one of three deals with more than $1.5 billion managed assets. Early this year, the firm brought in Patrick Lawlor to execute an ambitious mergers and acquisitions strategy, with the goal of growing assets by three to five times over the ensuing five years.
The acquisition of Bridgeworth will bring Savant to 14 states and 37 offices, managing more than $23 billion in client assets—up from $14.3 billion at the end of 2022.
“DeLynn and the Bridgeworth team embody all of the characteristics we look for in a strong partnership,” said Savant CEO Brent Brodeski. “As we grow, we are focused on positioning our firm with best-in-class talent, processes, and technology, while seeking to enhance our culture of excellence and client-first principles.”
Previous 2023 acquisitions for Savant include Basil Financial Group in Chicago, Capital Directions in Atlanta, Domani Wealth in Lancaster, Penn., Paragon Financial Advisors in Columbia, S.C., The Relaxing Retirement Coach in Wellesley, Mass., and R.F. Book & Associates and Wealth Management Group in Dover, Del. Together, they represent more than $8 billion in acquired assets.