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Sequoia Financial Group to Acquire Eide Bailly
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Subscribe28 AUG 2024 / M&A UPDATES
Sequoia Financial Group, a wealth management firm based in Ohio, plans to acquire the wealth management division of Eide Bailly, a leading accounting and advisory firm in North Dakota. By allowing for a collaboration that broadens service offerings, this acquisition, expected to close in Q4 2024, will position both firms to better cater to the complex wealth management needs of their clients, with additional growth expectations in the western US markets.
Akron, Ohio-based Sequoia Financial Group, a prominent wealth management firm with over $19.3 billion in assets under management, has announced plans to acquire the wealth management division of Fargo, N.D.-based Eide Bailly, a leading accounting and advisory firm with FY24 net revenue of $705 million. This strategic acquisition will allow both companies to expand service offerings through a collaborative partnership. The transaction is anticipated to finalize in the fourth quarter of 2024, with Eide Bailly gaining an equity stake in Sequoia Financial.
Partnership to Enhance Wealth Management Offerings
Under the agreement, Eide Bailly Advisors, managing approximately $1.58 billion in assets, will integrate into Sequoia Financial, joining Sequoia Sentinel, Sequoia's multi-family office dedicated to high-net-worth clients with assets exceeding $25 million. Brad Kelley, principal and wealth leader at Eide Bailly Advisors, will assume the role of executive vice president of corporate development at Sequoia Financial, spearheading joint initiatives between the two firms.
“We have found a true partner with a strong cultural alignment and a comprehensive range of services to support the complex wealth planning needs of our accounting and business advisory clients,”** commented Jeremy Hauk, CEO and managing partner at Eide Bailly. **“With Sequoia Financial, a leader in wealth management, we can significantly enhance our offerings and reach more clients, building upon the deep relationships we have cultivated over decades.”
Strengthening Presence in Key Wealth Markets
Sequoia Financial’s CEO, Tom Haught, emphasized the strategic value of the acquisition, particularly in bolstering Sequoia’s presence in major western U.S. markets. **“This partnership will expand our wealth management footprint, especially west of the Mississippi River, where Eide Bailly has an extensive presence,”** he said, highlighting that the firms share a client-first philosophy and commitment to quality service.
Sequoia Financial, established in 1991, has a broad array of services tailored to clients' wealth management needs. Through Sequoia Sentinel, launched in 2023, the firm provides specialized family office services such as asset management, tax management, wealth transfer, estate planning, and charitable planning, along with expertise in executive compensation, family governance, and special-needs planning. The firm operates 15 offices across nine states, primarily east of the Mississippi, and has completed six acquisitions since early 2023.
Expanding Expertise and Client Reach
With over 3,500 employees in 40 offices nationwide, Eide Bailly has a significant presence in the western United States. This collaboration enables Sequoia to extend its reach into new markets, while Eide Bailly clients gain access to expanded wealth management resources.
“Together, Eide Bailly and Sequoia Financial are well-positioned to deliver innovative wealth management solutions to meet clients’ evolving needs in a dynamic financial landscape,” stated Haught. The union aligns with both firms’ goals of creating client success through expanded services, operational excellence, and a shared dedication to impactful wealth management.
This strategic acquisition underscores Sequoia’s growth trajectory and commitment to offering a full spectrum of financial services, providing clients with enhanced expertise, expanded reach, and a unified focus on navigating complex financial landscapes.
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