PCE Investment Bankers (PCE) is pleased to announce the sale of Ellwood Associates (Ellwood) to CAPTRUST Financial Advisors (CAPTRUST). PCE served as the exclusive financial advisor to Ellwood Associates.
Founded in 1977, Ellwood Associates is an employee-owned company based out of Chicago, IL. The firm provides investment consulting services to corporations, endowments, foundations, hospitals, high-net-worth individuals and families, and wealth advisors.
“When looking for the next step for Ellwood, we knew we wanted to be a part of a majority employee-owned firm to continue our own legacy of employee ownership,” said Timothy Egan, Senior Consultant at Ellwood.
CAPTRUST, like Ellwood, is a majority employee-owned firm and provides similar investment consulting services to individuals and institutions. CAPTRUST was founded in 1997 and currently has more than 1,000 employees with more than 60 locations across the U.S.
“Our ability to remain objective and put our clients’ needs first has been a guiding force for our firm since 1977. We know that CAPTRUST shares these same core tenets, and we believe our clients will benefit greatly from the new resources they will have access to as part of CAPTRUST,” said Daniel George, Senior Consultant at Ellwood.
PCE’s Mike Rosendahl stated, “Ellwood has a strong position in the market, which was evidenced by the interest they received. The combination of Ellwood and CAPTRUST will no doubt be a powerful force in the investment consulting sector.”
Mr. George continued, “When we first started working with PCE, we presented personal and financial goals. The team at PCE understood our objectives and structured a process that delivered an optimal result. The process we ran was limited, but the results exceeded our expectations. Their unique combination of M&A and ESOP talent was essential in helping us construct a deal that worked for all parties.”
The union of Ellwood and CAPTRUST represents growth opportunities for both companies. The 55-person team at Ellwood will benefit from CAPTRUST’S existing operations and employee resources. At the same time, CAPTRUST will expand its geographic footprint and grow its client base by approximately 200 clients with assets totaling $85 billion. Both Mr. Egan and Mr. George will join CAPTRUST as principals.