Sequoia Acquires Special Needs-Focused $418M RIA
Wealth manager Sequoia Financial Group LLC has agreed to purchase Affinia Financial Group LLC, a registered investment advisor offering a specialty practice dedicated to special needs financial planning.
Financial terms of the transaction, which is expected to close by the end of the month, were not disclosed.
Affinia, based in Burlington, MA, is co-founded by John Nadworny and Cynthia Haddad. The firm oversees $418 million in assets under management and serves high net worth individuals, families, trusts and estates. Formed in 2019, the firm employs 10 people.
“Affinia’s work with families who have members with special needs is an important addition to our firm,” said Tom Haught, founder and CEO of Sequoia. “It supports Sequoia’s ‘built for you’ strategy, which equips our advisors with the resources they need to have a deep and personal effect on our clients’ lives.”
Akron, OH-based, Sequoia, which managed nearly $16 billion in client assets as of July 31, is minority-backed by private equity firm Valeas Capital Partners and Kudu Investment Management. The RIA has made three acquisitions so far this year, most recently buying $387 million Cleveland RIA Cirrus Wealth Management.
Benesch, Friedlander, Coplan & Aronoff LLP served as legal advisor to Sequoia. Republic Capital Group and Meltzer, Purtill & Stelle LLC served as financial and legal advisors, respectively, to Affinia.
