Kestra Holdings subsidiary Bluespring Wealth Partners says it has acquired a Texas wealth management practice.

Founded by principal and chief executive officer Scott Cohen in 2014, Dallas-based CD Wealth Management also includes chief investment officer Andy Dropkin and chief wealth management officer Ilona Friedman, according to Bluespring. The team offers financial planning and wealth management for families, corporate executives, closely held businesses and non-profits, overseeing more than $850 million, the company says.

As part of the transaction, CD Wealth will continue operating under its own name while its founder and partners will have a “significant” equity stake in the partnership, according to Bluespring.

The companies didn’t disclose the financial terms of the deal.

Bluespring says it plans to continue growing CD Wealth through mergers and acquisitions across Texas.

Kestra launched Bluespring in July 2019 to acquire advisors’ books of business for succession planning, and the firm has been growing through acquisitions ever since.

Last year, Bluespring completed five acquisitions in total, including a $1.1 billion California-based practice.

The addition of CD Wealth, meanwhile, is Bluespring’s fourth acquisition so far in 2022, according to the firm.

Last month, Bluespring announced its acquisition of a wealth management practice with offices in Minnesota and Florida overseeing more than $950 million.

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