Wealth Enhancement Group, a Minnesota-based wealth manager backed by private equity firm Lightyear Capital, has acquired CPA Retirement Planning, a Florida-based independent financial advisory firm, for an undisclosed sum.

CPA, which is an affiliate of National Planning Holdings, offers financial planning and investment management services to both retail and business clients.

As part of the deal, CPA managing principal and senior financial adviser John Linge will spearhead Wealth Enhancement Group’s Jacksonville office.

Wealth Enhancement Group CEO Jeff Dekko said: “This is an acquisition that reflects our continued growth, as well as the dynamic value proposition we offer as a highly experienced, succession planning-driven transaction partner.

“Adding CPA Retirement Planning’s business to Wealth Enhancement Group provides a servicing platform for clients in Florida and also allows CPA Retirement Planning’s clients to benefit from the extended expertise of our Roundtable team of specialists.”

Wealth Enhancement Group has been on an acquisition spree off late. In December 2016, it agreed to acquire CLA Financial Advisors, an Illinois-based wealth management firm. Earlier last year, it announced the acquisition of HHG & Company, a Connecticut-based wealth management firm. Currently, Wealth Enhancement Group has over 10,000 clients across more than 40 states and manages $7.5bn in assets.