Private equity firm Parthenon Capital has signed a deal to buy RSM US Wealth Management from RSM US, a middle market-focused audit, tax and consulting firm.

The deal, whose financial terms were not disclosed, is expected to close in the first quarter of 2022.

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Following the transaction, RSM US Wealth Management will be renamed as Choreo.

The firm will be led by Larry Miles, a 20-year wealth management veteran, as CEO.

RSM US Wealth Management’s national leader Dave Scudder will join Choreo with the rest of the wealth management team. Scudder will assume the role of executive vice-president of Strategic Partnerships at Choreo.

Miles said: “We’re eager to take the company to the next level by investing in the team, technology, recruiting and marketing, as well as expanding into new markets organically and through acquisitions.

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“We look forward to building upon the culture that has contributed to a strong wealth management team, and we’re excited to drive growth that will create new opportunities for our professionals and unlock added value for clients.”

RSM’s wealth management clients will continue to receive the same investment advisory, financial planning, and other wealth management services.

In addition, clients will be offered tax and other services from RSM US.

RSM CEO and managing partner Joe Adams said: “We believe the combination of the experienced wealth management team with the vision of Parthenon and Larry Miles puts Choreo in a strong position for the future.”

The deal comes as Parthenon aims to grow its business organically and through acquisitions. The firm has strategic partnerships with management teams, including Allworth Financial, Millennium Trust Company, EdgeCo Holdings, among others.

Parthenon Capital partner Anthony Orazio said: “We believe Choreo is uniquely positioned to provide holistic, planning-centric financial advice to clients across the country, and that Larry is the ideal executive to lead Choreo’s continued strategic growth.”