Expansion-minded Savant Capital Management has bolstered its presence in the vibrant Chicago metropolitan market, acquiring Paragon Advisors, a $150 million firm in Naperville, Ill.
The acquisition boosts Savants assets under management to $3.7 billion and adds 130 families to the RIAs client roster. Gregory De Jong, founding principal of Paragon, and two of the firms client service team members will join Savant.
Rockford, Ill.-based Savant, a member of the Zero Alpha Group, a study group and a network of seven independent investment advisory firms with assets totaling over $9 billion, has been unabashed about its intention to grow the firms footprint.
"We said from day one of deploying an M&A strategy that we would only consider the best RIAs," Savant CEO Brent Brodeski said in a statement. "And Paragon lives up to their name, aligning with us regionally, structurally, philosophically, and culturally.
Savant described itself in the release as an opportunistic acquirer looking for deals that fit its model near-perfectly. Savant said it is targeting firms who want to grow or who are looking for a succession planning solution and want to fully integrate and leverage Savant's best-in-class platform, rather than targeting assets simply for the sake of getting bigger.
Last year, in a major out-of-state move, Savant merged with Maclean, Va.-based Monitor Group.
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