Lee Equity Partners-backed Atria Wealth Solutions has acquired Grove Point Financial, an RIA and broker-dealer duo previously owned by Kestra Holdings.

The deal adds around 400 advisors and roughly $15bn in total client assets to Atria. Specific financial terms of the transaction, which is expected to close in the second half of 2023, were not disclosed.

Grove Point Financial is made up of two business units: broker-dealer Grove Point Investments, and RIA Grove Point Advisors, the latter of which provides a traditional 1099 relationship to independent advisor partners that run their practices under their own DBA names. The firm was founded in 1984 as H. Beck. It sold to Kestra Holdings in 2017, then rebranded as Grove Point in 2021.

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