US-based equity investment firm Valeas Capital Partners has signed an agreement with wealth management firm Sequoia Financial Group to acquire a minority stake in the latter for more than $200m.

Based in Ohio, Sequoia Financial offers asset management, wealth management and financial planning services to clients ranging from individuals to family offices.

Valeas Capital Partners’ investment is expected to underpin Sequoia Financial’s growth plans.

Sequoia Financial founder and CEO Tom Haught said: “We are delighted to welcome Valeas as a long-term strategic capital partner. The Valeas investment is further validation of Sequoia’s talented team, significant growth potential, and strategic vision.

“It is part of our DNA to invest in our business and team ahead of the curve to achieve superior outcomes for our clients. Valeas, Kudu and our employee-owner base provide a robust capital structure for the future.”

The wealth management firm intends to use the investment for expanding organically and inorganically with a focus on investing in its technology, team, and for expanding its services for clients.

In July 2020, Sequoia Financial secured a minority investment from New York-based Kudu Investment Management, which offers capital solutions to asset and wealth managers.

Upon closing of the transaction, Rob Little and Ed Woiteshek, the co-founders of Valeas Capital Partners will serve on the board of directors of the wealth management firm.

Valeas Capital Partners co-founder and managing partner Rob Little said: “Sequoia has a proven strategy and a strong, client-centric culture. We are thrilled to partner with Tom and Sequoia’s extremely talented team.”

The transaction is anticipated to be completed by the month-end.