North Carolina-based Captrust Financial Advisors has snapped up Catawba Capital Management, a Virginia-based investment advisory firm that serves individuals, businesses, and institutions.

Catawba was established in 1992 by partners Terence Crowgey and R. Jay Irons. The business has operations in 21 states and employs10 staff.

“As part of this new team, we’re excited to take advantage of an extremely deep bench of investment, research, and planning expertise to help our clients grow their wealth and plan for their futures,” Crowgey noted.

The acquisition adds more than $1bn in assets to Captrust’s books. Catawba will now operate under the Captrust brand.

The deal, whose financial terms were not disclosed, leads to the creation of Captrust’s fourth Virginia office. Overall, the firm currently has 153 advisers in 36 locations and assets of over $278bn.

CAPTRUST CEO, J. Fielding Miller said: “Every firm that has joined CAPTRUST over the past 10-plus years has brought skills, expertise, and people that are additive to our culture and added tremendous value to our collective team and its mission.

“Catawba is no exception, and they will be a great addition to the CAPTRUST family.”