Family Office With Aggressive Growth Plans Unveils First In A Series Of Transactions, Adding Six Offices In California And Nevada
Choreo announced an agreement to acquire Petaluma, California-based Enso Wealth Management, with approximately $1.8 billion in assets under management (AUM), 13 advisors and nine support staff. Enso has six offices, including various locations in Northern California and Reno, Nevada, expanding Choreo’s footprint in the region and bringing its AUM to approximately $13.5 billion.
Choreo CEO Larry Miles stated, “Given the strong cultural alignment between our two firms, I am confident that together we will be successful in uplifting our clients, their families and their communities.”
Jim DeCota, co-founder and President of Enso, said, “While I am enormously proud of what we have achieved over the years, joining forces with Larry and the Choreo team will provide us with the tools, resources and expertise that will allow us to serve our clients better than ever before and take our business to the next level.”
DeCota will become Managing Director after the transaction closes, and the Enso offices will assume the Choreo brand. Transaction terms were not disclosed.
An Unfolding Growth Strategy
Miles indicated that this first acquisition since Choreo launched as a standalone organization in February of this year will be followed by more transactions that the firm expects to complete in the coming months.
In a statement to WSR, Miles said, “We have several deals in our pipeline, and we are excited for what each of these groups will do to enhance our mission and support our culture.”
In February, Choreo’s management team, a group of its advisors and private equity firm Parthenon Capital bought the company from CPA firm RSM US LLP, launching it as a separate firm and adopting the Choreo brand.
A Focus On Values
According to Miles, Choreo’s growth plans “focus on firms that fit well into our business model at the intersection of fee-based advisory and tax consulting services, and align with our core values of enabling our teams to better serve their clients.”
“We are building a service-centered, planning-first advisory firm that believes in the value of relationships,” Miles said. “We see these as Midwest culture, but it transcends location and we see this commitment to our end-clients as foundational to the way we will expand. We are just getting started and we will use these values to guide our growth moving forward.”
Janeesa Hollingshead, Executive Editor at Wealth Solutions Report, can be reached at email@example.com