Recently acquired Portland financial firm may be acquired again
A Portland wealth management firm that was recently acquired is now in the midst of another potential acquisition.
Clearstead Advisors, a Cleveland investment services firm that in July purchased Portland-based Atlantic Trust, may be purchased by a group of private equity investors, according to a regulatory notice on Tuesday.
They include Hartland Management Investors, a part owner of Clearstead, plus funds owned by New York Life Insurance Co. and Chicago-based private equity firm Flexpoint Ford.
The deal is still pending and requires approval from the Maine Bureau of Financial Institutions, Clearstead Chairman and CEO Dave Fulton told Mainebiz on Friday. Terms have not been disclosed.
In the previous purchase, whose price also was undisclosed, Clearstead combined Atlantic Trust with a small Clearstead outpost in Maine to create Clearstead Trust LLC. The combined business employed fewer than a dozen people but has made a couple of new hires since then.
“We’re committed to Maine and to our business there,” Fulton said. “It’s going great.”
Clearstead Advisors has about 75 employees and $26 billion under advisement, according to the firm’s website.
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