Sequoia Financial Group obtains a $200 million commitment from Valeas Capital Partners to support its growth strategy
Akron, Ohio, October 19, 2022 /PRNewswire/ — Sequoia Financial Group, LLC (Sequoia), an SEC-registered wealth management firm with approximately $10 billion of client assets, today announced that it has entered into an agreement with Valeas Capital Partners (Valeas), a growth-focused equity investment firm, to acquire a minority stake in Sequoia. Under the terms of the agreement, Valeas agrees to more than $200 million to support Sequoia’s strategic growth plans. The transaction is expected to close on October 312022.
San Franciscoto Valeas will contribute to accelerating the current expansion strategy pursued by Akron, Ohiobased on Sequoia in recent years. Sequoia will be the cornerstone of Valeas’ investment in wealth management in the United States. Valeas team members have successfully invested in several industries, including the financial services sector.
Valeas’ strategic investment in Sequoia comes two years later New YorkKudu Investment Management, a provider of capital solutions for asset and wealth managers, has made a minority investment in July 2020. Sequoia remains a majority employee-owned company.
“We are delighted to welcome Valeas as a long-term strategic capital partner,” said Tom Haught, founder and CEO of Sequoia. “Valeas’ investment is further validation of Sequoia’s talented team, significant growth potential and strategic vision. Investing in our business and our team ahead of the curve is part of our DNA to deliver superior results. for our customers. Valeas, Kudu and our employee-owner base provide a solid capital structure for the future.”
“Sequoia has a proven strategy and a strong customer-centric culture,” said rob little, co-founder and managing partner of Valeas Capital Partners. “We are thrilled to partner with the extremely talented team of Tom and Sequoia.”
Sequoia provides wealth management, asset management and financial planning services to a range of clients from individuals to family offices. Sequoia plans to use the capital to continue to grow organically and inorganically with a focus on investments in its team, technology and broader customer services.
Sequoia was named by Barron’s as one of the top RIA companies in the United States in 2022 and has earned this designation every year since 2019.
“Tom and his colleagues have built a tremendous business over the past three decades and we remain enthusiastic and committed investors,” said Kudu’s chairman. Charlie Ruffel, who will serve on the Sequoia Board of Directors. “We look forward to being part of this next chapter of Sequoia’s continued growth, alongside the Valeas team.”
rob little and Ed Woiteshek, the co-founders of Valeas, will sit on Sequoia’s board of directors upon closing of the transaction. They launched Valeas in 2021 and previously worked together at Hellman & Friedman. Sequoia will be the third company in the company’s portfolio and the first in the financial services sector.
Ardea Partners LP acted as exclusive financial advisor and Benesch, Friedlander, Coplan & Aronoff LLP and Alston & Bird LLP acted as legal advisors to Sequoia. Cohen & Company served as tax advisor to Sequoia. Kirkland & Ellis LLP acted as legal advisor to Valeas.
About Sequoia Financial Group
Sequoia Financial Group, LLC, founded in 1991, takes a client-centric approach to providing wealth management and financial planning services, including asset management, estate and retirement planning, fiduciary advisory and family heritage. Sequoia builds and maintains strong relationships that emphasize long-term planning to help clients achieve their financial and personal goals. The company had approximately $10 billion in customer assets at December 31, 2021. For more information, visit https://www.sequoia-financial.com/.
Margaret Kirch Cohen/Richard Chimberg
Newton Park PR, LLC
SOURCE Sequoia Financial Group