Savant said the purchase is part of an intentional strategy to follow an accelerated pace of acquisitions over the next few years.

Savant Wealth Management has bought Domani Wealth, another RIA.

In business for more than 25 years, Domani, which is based in Lancaster, Pennsylvania, has four offices throughout Central Pennsylvania. It has 23 employees and $1.53 billion in assets under management (as of April 28).

The transaction, the financial terms of which were not disclosed, is Savant’s fourth acquisition this year. As a result, Savant’s footprint will expand to 32 offices in 11 states, including five in Pennsylvania.

"The purchase is part of an intentional strategy by Savant to follow an accelerated pace of acquisitions over the next few years," it said.

The transaction is an example of the kind of M&A activity that continues in the RIA and multi-family offices space in North America. A desire for economies of scale, to set up a succession plan, handle growing technology demands, and meet clients’ rising expectations, are forces driving this trend. This news service has examined whether rising interest rates have affected deals and will continue to do so. See here also for a story on recent trends. 

“Domani Wealth is well-known in Central Pennsylvania, with deep roots in its communities and a reputation for technical expertise and a team approach,” Brent R Brodeski, founder and CEO of Savant, said. “As we continue to expand our footprint in the Mid-Atlantic region, we found this partnership to be a natural fit.”

Domani Wealth’s eight partners will become equity owners in Savant at closing. These include Angela R Berkosky; Michael J Dinan; Kenneth L Eshleman; Jennifer L Hill; Scott D Michael; Angie M Stephenson; Christopher M Stock; and Thomas K Williams. In addition, Matthew M Gavel, senior portfolio manager, will become an equity owner as part of the transaction.

Savant has about $19.5 billion in assets under management and assets under advisement (as of May 10).