Captrust Financial Advisors has acquired wealth management firm Covenant Multifamily Offices, further expanding its reach in the Texas region of the US.

Financial terms of the deal were not disclosed.

Founded in 2010, Covenant provides family office services, wealth transfer planning, and tax preparation in addition to its core wealth management offering.

The firm manages $2.6bn in assets on behalf of more than 500 clients. It has offices in San Antonio, Dallas, and Texas, as well as Oklahoma City.

As part of the deal, Covenant founder and managing director John Eadie, along with Barry Beal, Justin Pawl, and Karl Eggerss and their 44 employees will join Captrust.

Covenant will operate under Captrust brand.

Eadie said: “While we had previously been on the other side of the table, adding four firms since 2012, we knew that joining Captrust was the right next step for Covenant when we saw the alignment of our two cultures, which both focus on serving our clients, colleagues, and communities.”

Captrust first entered Texas following the takeover of South Texas Money Management in August 2019.

According to Captrust strategic growth senior director Rush Benton, the firm currently 100 employees in the state across nine offices.

Commenting on the latest deal, Benton said: “The addition of the Covenant team brings expanded resources for our growing high-net-worth and family office as well as an expanded footprint in the state of Texas.”

In separate development, Captrust has concluded its takeover of Chicago-based Ellwood Associates, adding $90bn in assets.

The addition of Ellwood and Covenant teams ramps up the firm’s employee headcount to more than 1,000.

Captrust co-founder and CEO J. Fielding Miller said: “Reaching the 1,000-employee mark is a huge milestone for CAPTRUST, and one that was only accomplished by everyone working together and pushing in the same direction to meet our goals.”

In June this year, Chicago-based private equity firm GTCR has picked a 25% interest in Captrust in a deal that valued the firm at $1.25bn.