HighTower has made a strategic investment in Lexington Wealth Management (LWM), a Massachusetts-based RIA with $1bn in assets under advisement.

The deal, whose financial terms were not divulged, is pending regulatory approvals.

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LWM caters to entrepreneurs along with wealthy individuals and families. It has staff headcount of 17, which includes 11 advisers.

The business was set up by Michael Tucci and Kristine Porcaro.

“HighTower’s culture, operations and capital will allow us to grow, both organically and through acquisitions, while freeing up time to deepen our client relationships, enhance our business focus and enable us to serve more clients now and in the future,” Tucci stated.

Using the infusion, LWM aims to make acquisitions and increase its client base.

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The acquisition is HighTower’s third this year. Deal completion is anticipated in the third quarter of this year.

Earlier in 2019, HighTower invested in LourdMurray and Green Square Wealth Management.

Private equity firm Thomas H. Lee Partners offers financing to support HighTower’s investments.

HighTower CEO Bob Oros said: “We view the addition of LWM as a key anchor in a very attractive market. The combination of their growth orientation along with access to HighTower’s scale, sophistication and capital is a powerful formula.

“We’re honoured to welcome the LWM team to HighTower, and look forward to helping them grow their business to serve more clients in the Boston area and beyond.”