Fort Lauderdale, Fla.-based Coastal Wealth has acquired MassMutual units based in the state, according to news reports.
Coastal Wealth has acquired MassMutual Southeast Coast and MassMutual South Florida, the Jacksonville Business Journal writes. The merged entity will operate under the Coastal Wealth name, according to the publication.
The two MassMutual units have a combined total of 162 financial advisors, managers and support staff, and the acquisition will double Coastal Wealth’s team size, which will make it one of the largest wealth management and insurance firms in the Southeast, the Jacksonville Business Journal writes. The deal will also expand Coastal Wealth’s footprint beyond Florida into Georgia and Alabama, according to the publication.
“A larger firm will allow us to expand our reach in the community and deliver even greater value to the clients we serve,” says Jeremy Straub, CEO of Coastal Wealth, according to the Jacksonville Business Journal.
The publication didn’t disclose the financial terms of the deal.