Financial Services Acquisitions in Illinois
Illinois Financial Services Deal Themes
Illinois financial services acquisitions reflect a mix of established banking consolidation and continued expansion among wealth and advisory platforms. Recent transactions highlight activity across Chicago and central Illinois, with buyers pursuing added assets, advisor talent, and broader client-service capabilities.
Deal themes also extend beyond traditional financial institutions. Several agreements involve scaling advisory AUM and integrating tax or wealth management capabilities, while others focus on platform modernization—such as blockchain-enabled capital markets infrastructure—under regulatory oversight.
What Stands Out
- Buyers in Illinois often center on wealth and advisory growth, adding AUM and bringing advisor leadership onto larger platforms (e.g., Hightower Advisors, Rothschild Wealth Partners, Savant Wealth Management).
- Banking deals include both completed mergers and acquisitions, expanding geographic footprints and combining related operating entities (e.g., HBT Financial with CNB; ServBanc Holdco, Inc. with IF Bancorp and Iroquois Federal).
- Platform and capability expansion is a recurring goal: servicer technology and personnel integration, trust/wealth management capabilities, or capital solutions and valuation expertise.
- Chicago-area transactions are prominent, including agreements that target expansion into or strengthening of the Chicago market (e.g., First Financial Bancorp with BankFinancial Corporation).
| Transaction theme | What buyers are pursuing (examples from Illinois deals) |
|---|---|
| Wealth advisory expansion | Added AUM and advisor teams (e.g., Windgate Wealth Management, Gryphon Advisors) |
| Bank consolidation | Larger footprints and combined banking operations (e.g., CNB Bank into Heartland Bank) |
| Platform modernization | Blockchain-enabled settlement/capital markets infrastructure (e.g., TradingBlock joining Nant Global Finance) |
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March 18, 2026
- Buyer
- Esquire Financial Holdings
- Target
- Signature Bancorporation
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Buyout
Esquire Financial Holdings announced a definitive, all-stock agreement to acquire Signature Bancorporation for approximately $348.4 million. The merger combines Esquire’s national, litigation-focused banking platform with Signature’s established Midwest (Chicago) relationship banking franchise, targeting a combined institution with roughly $4.8 billion in assets at closing.
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March 12, 2026
- Buyer
- ServBanc Holdco, Inc., Servbank, National Association
- Target
- IF Bancorp, Inc., Iroquois Federal Savings and Loan Association, Iroquois Federal Savings and Loan Association (bank subsidiary referenced as “Iroquois Federal”)
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Buyout
ServBanc Holdco, Inc. (the holding company for Servbank) completed its acquisition of IF Bancorp, Inc. (NASDAQ: IROQ) and its subsidiary Iroquois Federal Savings and Loan Association. The deal expands Servbank’s Illinois footprint into central Illinois and includes integration of Servbank’s subservicing platform, technology, and personnel. Former IF Bancorp branch offices will continue operating under the Iroquois Federal name until customer and data conversion is completed (anticipated in Q4 2026).
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- Buyer
- Hightower Advisors
- Target
- Journey Strategic Wealth
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Addon
Hightower Advisors entered into an agreement to acquire Journey Strategic Wealth, adding about $5 billion in assets under management to its Hightower Signature Wealth (HTSW) platform. The transaction is expected to close at the end of the month/first quarter, expanding HTSW’s national footprint and capabilities for both clients and advisors.
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- Buyer
- HBT Financial, Inc.
- Target
- CNB Bank Shares, Inc., CNB Bank Trust, N.A., CNB Bank
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Buyout
HBT Financial, Inc. completed its merger with CNB Bank Shares, Inc., the holding company for CNB Bank. Following the transaction, CNB became a wholly-owned subsidiary of HBT, and CNB Bank merged into HBT’s subsidiary Heartland Bank. The combined organization expands HBT Financial’s footprint across central Illinois and the Chicago and St. Louis metro areas.
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January 16, 2026
- Buyer
- Nant Global Finance, Inc.
- Target
- TradingBlock
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Buyout
TradingBlock, a Chicago-based online brokerage, said it will join Nant Global Finance, Inc., a newly formed capital markets platform focused on modernizing public-market infrastructure using blockchain-enabled settlement technology, subject to final FINRA approvals. The companies said TradingBlock customers should see no immediate changes to platforms, tools, or account relationships, and that TradingBlock will continue operating as a regulated broker-dealer while it works with Nant on longer-term initiatives.
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January 12, 2026
- Buyer
- Rothschild Wealth Partners
- Target
- Windgate Wealth Management
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Buyout
Chicago-based Rothschild Wealth Partners has acquired Windgate Wealth Management, an independent advisory firm managing over $200 million in client assets. The deal expands Rothschild's advisory footprint in the Chicago market and brings Windgate leaders onto Rothschild's platform to broaden services for high-net-worth individuals, families and business owners.
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January 1, 2026
- Buyer
- First Financial Bancorp
- Target
- BankFinancial Corporation
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Buyout
First Financial Bancorp agreed to acquire Chicago-based BankFinancial Corporation in an all-stock transaction valued at approximately $142 million. The deal is intended to expand First Financial’s presence in the Chicago market, adding 18 financial centers and BankFinancial’s consumer, trust/wealth management, and selected commercial lending capabilities.
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December 8, 2025
- Buyer
- Waverly Advisors, LLC
- Target
- Promus Holdings, LLC
- Seller
- Promus Holdings, LLC
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Divestiture
Waverly Advisors has acquired certain business lines from Chicago-based Promus Holdings, adding approximately $3.1 billion of AUM and expanding Waverly's private equity, real estate, and multi-family office capabilities. The deal closed November 14, 2025; financial and legal terms were not disclosed, and Waverly formed a new subsidiary, Promus Capital Management, to operate the acquired strategies.
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November 14, 2025
- Buyer
- Merit Financial Advisors
- Target
- Blueprint Wealth Advisors, LLC
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Addon
Merit Financial Advisors has acquired Blueprint Wealth Advisors, adding $1.2 billion in assets and expanding Merit's presence in Illinois and Wisconsin, including entry into the Chicago market. Blueprint’s managing partners Ryan Evans and Nick Wilkins will join Merit as Regional Directors and Partners; FP Transitions served as advisor and financial terms were not disclosed.
-
- Buyer
- Rothschild Wealth Partners
- Target
- Siligmueller & Norvid Wealth Advisors
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Buyout
Rothschild Wealth Partners, a Chicago-based registered investment advisor and broker-dealer, has acquired Siligmueller & Norvid Wealth Advisors (SNWA), an independent Glen Ellyn, Illinois wealth advisory firm managing about $300 million in client assets. The deal expands Rothschild's presence in the Chicago area and adds SNWA’s client relationships and advisory capabilities to Rothschild’s platform.
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September 30, 2025
- Buyer
- Savant Wealth Management
- Target
- Gryphon Advisors
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Buyout
Savant Wealth Management, a fee-only RIA headquartered in Rockford, Illinois, acquired Evanston-based Gryphon Advisors, a fee-only RIA with approximately $557 million in AUM. The deal closed Sept. 30, 2025; Gryphon’s seven employees transitioned to Savant, and the firm’s three principals joined as member-owners, expanding Savant’s Chicagoland presence and adding tax capabilities.
-
September 2, 2025
- Buyer
- ORIX Corporation USA, ORIX USA
- Target
- Hilco Global
- Seller
- Hilco Global executive leadership team (retaining a minority equity position), Jeffrey B. Hecktman (retaining minority equity; leadership continuity)
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Buyout
ORIX Corporation USA (ORIX USA) completed its acquisition of a majority equity ownership stake in Hilco Global, with Hilco Global operating as a subsidiary of ORIX USA. The deal combines ORIX USA’s middle-market private credit capabilities with Hilco Global’s valuation, advisory, and capital solutions platform, while Hilco Global’s executive team retains a minority equity stake.
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August 29, 2025
- Buyer
- Apella Wealth
- Target
- Park Piedmont Advisors
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Addon
Apella Wealth has acquired Park Piedmont Advisors, a fee-only advisory firm led by brothers Nick and Tom Levinson, adding over $1 billion in AUM and establishing Apella’s presence in Chicago. The deal is an add-on to Apella’s platform (which is partnered with Wealth Partners Capital Group) and expands Apella’s national footprint and resources for Park Piedmont’s clients.
-
August 26, 2025
- Buyer
- Daybright Financial
- Target
- Hessel & Associates, LLC
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Addon
Daybright Financial has acquired Hessel & Associates, LLC, a Lincolnshire, Illinois–based pension consulting firm and third-party administrator (TPA). The deal expands Daybright's Private Sector Retirement Solutions presence into the Midwest, with Hessel founder's daughter Brooke Hessel Cline continuing as Managing Partner within Daybright.
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August 7, 2025
- Buyer
- Ocorian
- Target
- E78 Fund Solutions
- Seller
- Element 78 Partners LLC
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Buyout
Ocorian has completed its acquisition of E78 Fund Solutions from Element 78 Partners LLC; E78 will rebrand to Ocorian later this fall and its management team will join Ocorian's US leadership. The deal expands Ocorian's fund administration, outsourced CFO, tax and compliance capabilities in the United States, bringing on a team that supports nearly 200 managers with about $85 billion in assets under management.
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August 4, 2025
- Buyer
- Apollo Global Management, BlackRock, J.P. Morgan Asset Management, Kayne Anderson Capital Advisors, Composition Capital, GeoWealth
- Target
- GeoWealth
- Seller
- Freedom Advisors
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Growth capital
GeoWealth raised $38 million in a Series C round led by Apollo, with participation from BlackRock, J.P. Morgan Asset Management and Kayne Anderson (sub-advised by Composition Capital), to accelerate its UMA and public-private model portfolio capabilities. In conjunction with the funding, GeoWealth formed a strategic partnership with Apollo and completed the acquisition of TAMP assets from Freedom Advisors to strengthen its product and operations offering for RIAs.
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- Buyer
- Azimut Group, Azimut US Holdings Inc.
- Target
- North Square Investments
- Seller
- Estancia Capital Partners
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Buyout
North Square Investments (NSI) has signed a binding agreement to be acquired by Azimut Group through its US subsidiary Azimut US Holdings Inc. The deal is expected to close in early 2026, subject to regulatory approvals and customary closing conditions. As part of the agreement, Kennedy Capital Management—an Azimut Group company—will become a subsidiary of North Square, which will be renamed Azimut NSI. Azimut NSI’s AUM is projected to rise to over $20 billion post-closing.
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- Buyer
- Maridea Wealth Management
- Target
- Pinnacle Wealth Management
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Buyout
Maridea Wealth Management has acquired Pinnacle Wealth Management, a Chicago-based advisory firm led by veteran advisor Brian Sheehy. Pinnacle will move from LPL Financial to Maridea's independent RIA platform, strengthening Maridea's Midwest presence and expanding its advisor and client capabilities; Green Sail Capital Partners served as exclusive sell-side advisor.
-
- Buyer
- New York Mortgage Trust
- Target
- Constructive Loans
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Buyout
New York Mortgage Trust (NYSE: NYMT) acquired the remaining 50% interest in Constructive Loans in an all-cash transaction, bringing Constructive wholly under NYMT ownership while preserving its independent subsidiary operations and leadership. The deal strengthens NYMT’s origination capabilities and recurring income profile by integrating Constructive’s proprietary origination channels and distribution network focused on business-purpose loans for residential real estate investors.
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June 2, 2025
- Buyer
- Octus
- Target
- Sky Road
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Buyout
Octus (formerly Reorg) has acquired Sky Road, a provider of credit portfolio management solutions, to integrate portfolio management, trading/OMS, compliance and optimization capabilities with Octus' credit intelligence, data and document-management offerings. The combination creates a unified, end-to-end credit management platform for buy-side and structured credit managers, embedding Octus' data and AI into Sky Road's Galaxy platform.
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May 15, 2025
- Buyer
- Acorns
- Target
- EarlyBird
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Buyout
Acorns has acquired EarlyBird, a family-focused investment gifting and digital memory platform. EarlyBird will shut down and customer accounts will be closed on June 23, while founders Jordan Wexler and Caleb Frankel join Acorns to help build out the Acorns Early product; financial terms were not disclosed.
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April 16, 2025
- Buyer
- StoneX Group Inc.
- Target
- R.J. O'Brien & Associates (RJO)
- Seller
- O'Brien family (majority shareholders)
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Buyout
StoneX Group has reached a definitive agreement to merge all of R.J. O'Brien & Associates’ global businesses into StoneX, subject to regulatory approvals and customary closing conditions. The combined firm is expected to become a leading U.S. futures commission merchant (FCM), combining RJO’s client network and clearing capabilities with StoneX’s liquidity and risk management infrastructure.
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- Buyer
- NorthRock Partners
- Target
- Tony Pondel advisory practice
- Seller
- Tony Pondel
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Buyout
NorthRock Partners acquired the advisory practice of veteran advisor Tony Pondel, adding his team to NorthRock’s Chicago-area presence. The deal expands NorthRock’s footprint in the Chicago market and integrates Pondel’s expertise into the firm’s Personal Office wealth management model.
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March 31, 2025
- Buyer
- Wendel, AXA IM Prime
- Target
- Monroe Capital LLC
- Seller
- Monroe Capital management, Bonaccord Capital Partners
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Buyout
Wendel has completed the acquisition of a controlling stake in Monroe Capital LLC alongside AXA IM Prime, taking approximately 75% ownership while Monroe management retains a minority interest. Wendel invested roughly $1.13 billion and committed seed and GP capital (up to $1.0 billion total) plus an $800 million sponsor program to accelerate Monroe’s private credit platform; Monroe will continue to operate independently under its current leadership.
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March 24, 2025
- Buyer
- JLL
- Target
- Javelin Capital
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Buyout
JLL announced it has reached an agreement to acquire Javelin Capital, a North America-based renewable energy investment banking firm. The deal is expected to close shortly, subject to regulatory approvals and customary closing conditions, and is intended to expand JLL’s U.S. Energy & Infrastructure Capital Markets capabilities in the clean energy transition.
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- Buyer
- SmartBiz (SmartBiz Loans / SmartBiz Bank, N.A.)
- Target
- United Community Bancshares, Inc., Centrust Bank, N.A.
- Seller
- United Community Bancshares, Inc.
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Buyout
SmartBiz (formerly SmartBiz Loans) closed its acquisition of United Community Bancshares, Inc. and its wholly owned subsidiary Centrust Bank, N.A., receiving regulatory approval to operate as a bank and bank holding company under the SmartBiz Bancshares, Inc. banner. The deal brings Centrust’s commercial banking team and SBA lending capabilities into SmartBiz Bank to expand technology-enabled lending and full-service banking for small and medium-sized businesses nationwide.
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January 31, 2025
- Buyer
- Clearstead Advisors, LLC
- Target
- Waveland Family Office LLC
- Seller
- Waveland Family Office LLC
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Addon
Clearstead Advisors, a Cleveland-based RIA backed by Flexpoint Ford, has acquired the assets of Waveland Family Office LLC, a northern Chicago suburban family office with approximately $420 million AUM. The deal closed January 31; Waveland’s six employees will join Clearstead and principals Allen C. Berg and Dennis Zaslavsky will join as equity partners, expanding Clearstead’s Midwest presence and capabilities.
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- Buyer
- Intercontinental Exchange (ICE)
- Target
- American Financial Exchange (AFX)
- Seller
- 7RIDGE
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Buyout
Intercontinental Exchange (ICE) has acquired 100% of the American Financial Exchange (AFX) from 7RIDGE. The purchase brings AFX's interbank lending marketplace and the AMERIBOR benchmark into ICE's broader index and mortgage technology network to expand capabilities for regional, midsize and community banks.
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January 6, 2025
- Buyer
- Blue Owl Capital Inc.
- Target
- IPI Partners, LLC
- Seller
- IPI Partners, LLC
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Buyout
Blue Owl Capital Inc. completed the acquisition of the business of digital infrastructure fund manager IPI Partners, LLC. The deal brings IPI's digital infrastructure capabilities and AUM into Blue Owl's Real Estate platform and appoints IPI Managing Partner Matt A'Hearn to lead Blue Owl's digital infrastructure strategy.
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December 15, 2024
- Buyer
- Summit Financial, Summit Growth Partners (SGP)
- Target
- Midway Wealth Partners
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Growth capital
Summit Financial, through its Summit Growth Partners (SGP) partnership, made a strategic minority investment in Midway Wealth Partners, a Chicagoland-based wealth advisory team managing approximately $550 million in client assets. Midway will continue to operate under its existing leadership while gaining access to Summit's platform resources, capital, and multi-family office services to support growth and expand Summit's presence in Illinois.
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October 24, 2024
- Buyer
- The Marygold Companies, Inc.
- Target
- Midland Capital Holdings Corporation, Midland Federal Savings and Loan Association
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Growth capital
The Marygold Companies, Inc. (NYSE American: MGLD) purchased a 7.95% ownership position in Delaware-based Midland Capital Holdings Corporation (MCHC) for $1.8 million, and also received warrants to buy additional shares. MCHC's principal operating entity is Midland Federal Savings and Loan Association, headquartered in Bridgeview, Illinois; Marygold says the investment supports its strategy of expanding in financial services/fintech and will help enhance the bank's offerings and technology.
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October 1, 2024
- Buyer
- Mission Wealth Management, LP
- Target
- Stonepath Wealth Management LLC
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Buyout
Mission Wealth Management, LP has merged with Stonepath Wealth Management LLC, bringing Stonepath founder Cray J. Coppins III into Mission Wealth as its 38th equity partner. The deal expands Mission Wealth’s Midwest/Greater Chicago presence (an office in the Highland Park area is planned) and strengthens advisory capacity for clients in Illinois; Mission Wealth manages roughly $9.1 billion in client assets.
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September 20, 2024
- Buyer
- Midfed Acquisition Corp.
- Target
- Midland Capital Holdings Corporation, Midland Federal Savings and Loan Association
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Buyout
Midfed Acquisition Corp., led by bank executives and investors, has acquired Midland Capital Holdings Corporation, the holding company of Midland Federal Savings and Loan Association, in a transaction that paid $31.65 per share and resulted in MCPH delisting from the OTC Pink Market. The deal gives the new owners control of Midland Federal’s four Illinois branches and is intended to expand product offerings, enhance technology and improve community convenience for the bank’s customers.
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September 6, 2024
- Buyer
- C&R Software
- Target
- SpringFour
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Buyout
C&R Software, part of the CORA Group, has acquired SpringFour, a pioneering financial-health fintech, to bolster its collections, recovery and financial health capabilities. SpringFour will continue to operate as a standalone brand under CEO Rochelle Nawrocki Gorey, and the acquisition is intended to expand SpringFour's reach and enhance C&R's product offering for clients worldwide.
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August 30, 2024
- Buyer
- Mutual Federal Bank, Mutual Federal Bancorp, MHC, Mutual Federal Bancorp, Inc.
- Target
- Pulaski Savings Bank
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Buyout
Mutual Federal Bank and Pulaski Savings Bank announced plans to merge, with Mutual Federal continuing as the surviving institution. The merger is expected to close in the first quarter of 2025, subject to regulatory and member/shareholder approvals.
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- Buyer
- Janus Henderson Group
- Target
- Victory Park Capital Advisors
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Buyout
Janus Henderson Group entered into a definitive agreement to acquire a majority stake in Victory Park Capital Advisors (VPC), a global private credit manager headquartered in Chicago. The deal is expected to close in the fourth quarter of 2024 and is subject to customary regulatory approvals, with consideration paid via cash and Janus Henderson common stock.
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July 24, 2024
- Buyer
- n2 Group
- Target
- STAC (STAC Research)
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Buyout
n2 Group has completed the acquisition of STAC, the leading financial services technology performance specialist, with STAC to operate as an independent business within the n2 Group. The deal brings STAC's benchmarking, research and events capabilities into the n2 portfolio to expand the group's offerings for low-latency trading, big compute, big data and AI/ML use cases while preserving STAC's impartial status.
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July 17, 2024
- Buyer
- Carlyle, KKR
- Target
- Approximately $10.1 billion prime student loan portfolio (from Discover Financial Services)
- Seller
- Discover Financial Services
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Divestiture
Global investment firms Carlyle and KKR have agreed to purchase an approximately $10.1 billion portfolio of prime student loans from Discover Financial Services. Carlyle's Monogram LLC will serve as portfolio manager and Firstmark Services (a Nelnet subsidiary) will service the loans; the transaction is expected to close by the end of 2024, subject to customary closing conditions.
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- Buyer
- Blue Owl Capital Inc.
- Target
- Kuvare Asset Management (dba Kuvare Insurance Services LP)
- Seller
- Kuvare Holdings, Access Holdings Management Company LLC
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Buyout
Blue Owl Capital agreed to acquire Kuvare Asset Management (KAM) for $750 million, funded with a mix of cash and Blue Owl Class A common stock; the acquisition is expected to add up to $20 billion of AUM to Blue Owl and support the launch of Blue Owl Insurance Solutions. Separately, Blue Owl made a $250 million preferred equity investment in Kuvare to provide growth capital to Kuvare's insurance businesses; most KAM employees are expected to join Blue Owl at closing.
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- Buyer
- BlackRock
- Target
- SpiderRock Advisors, LLC
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Buyout
BlackRock completed its acquisition of SpiderRock Advisors, a Chicago-based provider of customized option overlay strategies for separately managed accounts (SMAs). The transaction enhances BlackRock’s U.S. Wealth Advisory platform by integrating SpiderRock’s derivatives and option overlay capabilities to support more personalized, tax-efficient SMA solutions.
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- Buyer
- Focus Financial Partners Inc., Kovitz Investment Group Partners, LLC
- Target
- Strategic Wealth Partners Group, LLC
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Addon
Focus Financial Partners has entered into a definitive agreement for its partner firm Strategic Wealth Partners Group, LLC (SWP) to formally join the Focus “hub” firm Kovitz Investment Group Partners, LLC. The transaction is expected to close in Q2 2024 subject to customary closing conditions, creating a combined firm expected to manage over $14.5 billion in regulatory assets under management.
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February 19, 2024
- Buyer
- Capital One Financial Corporation
- Target
- Discover Financial Services
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Buyout
Capital One Financial Corporation will acquire Discover Financial Services in an all-stock transaction valued at $35.3 billion. The deal combines Capital One’s banking and technology with Discover’s payments and card network to build a larger global payments platform and to generate expected expense and network synergies.
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- Buyer
- Relation Insurance Services
- Target
- Kane Insurance Agency
- Seller
- Kane Insurance Agency
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Addon
Relation Insurance Services acquired the assets of Kane Insurance Agency, effective December 1, 2023. The deal expands Relation’s geographic footprint in Illinois and brings Kane’s risk-management expertise and local team (led by Tom Kane) into the Relation platform; terms were not disclosed.
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November 16, 2023
- Buyer
- Tradeweb Markets Inc.
- Target
- r8fin
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Buyout
Tradeweb Markets Inc. has entered into a definitive agreement to acquire r8fin, a Chicago-based provider of algorithmic execution technology and a thin-client EMS for U.S. Treasuries and interest rate futures. The deal, expected to close in Q1 2024 subject to customary approvals, will augment Tradeweb's execution capabilities across cash and futures markets and is expected to be accretive to 2024 EPS.
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- Buyer
- The McGowan Companies (McGowan Consolidated Insurance Holdings Group, Inc.)
- Target
- Protexure Insurance Agency, Inc.
- Seller
- Protexure Insurance Agency, Inc.
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Divestiture
The McGowan Companies acquired certain assets of Protexure Insurance Agency, Inc., a national program manager specializing in professional liability insurance for lawyers and accountants, in an asset purchase effective November 1, 2023. Protexure's staff will remain in place under leader Kyle Nieman as McGowan adds Protexure's products and capabilities to support its national growth strategy.
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- Buyer
- Creative Planning, LLC
- Target
- Mesirow corporate retirement advisory services team
- Seller
- Mesirow Financial
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Divestiture
Creative Planning has acquired Mesirow Financial's corporate retirement advisory services team, bringing a team that serves over 350 retirement plans with approximately $13 billion in assets under advisement. The move expands Creative Planning's Retirement Services capabilities and scale, integrating experienced retirement specialists into its platform.
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October 10, 2023
- Buyer
- BharCap Partners
- Target
- ARMStrong Receivable Management
- Seller
- Incline Equity Partners, Selling shareholders
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Buyout
BharCap Partners, a Greenwich-based private investment firm focused on financial services, has completed the acquisition of ARMStrong Receivable Management, a leading commercial B2B receivable management and insurance services provider based in Itasca, Illinois. The seller was Incline Equity Partners, which had partnered with ARMStrong in 2019; BharCap plans to support continued growth and strategic M&A as part of its investment.
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September 5, 2023
- Buyer
- IMC
- Target
- Cardinal Capital Management, LLC
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Buyout
IMC, a global market maker, has acquired Chicago-based proprietary trading firm Cardinal Capital Management, LLC. The firm will be renamed IMC Securities and is intended to expand IMC's liquidity-provision capabilities in the US equity derivatives (options) market; terms were not disclosed.
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- Buyer
- Michigan State University Federal Credit Union
- Target
- Algonquin State Bank
- Seller
- First Algonquin Company
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Buyout
Michigan State University Federal Credit Union (MSUFCU) has entered into a definitive purchase and assumption agreement to acquire substantially all assets and assume substantially all liabilities of Algonquin State Bank. The deal is expected to close in the late first quarter of 2024, subject to regulatory approvals and customary closing conditions, including approval by Algonquin’s parent shareholders.
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August 1, 2023
- Buyer
- South Street Securities Holdings, Inc., South Street Securities LLC
- Target
- GX2 Systems, LLC, GX2 Spread Markets, LLC
- Seller
- Geneva Trading
- Industry
- Financial Services
- Location
- Illinois, United States
- Type
- Buyout
South Street Securities Holdings, Inc. acquired all equity interests in GX2 Systems, LLC, including its wholly owned broker-dealer GX2 Spread Markets, LLC, to expand its technology-enabled U.S. Treasury execution, market making and analytics capabilities. GX2 will continue operating from its Chicago office while integrating trading and broker-dealer operations into South Street's New York platform; GX2 leadership (David Jaberg) will join South Street's executive team following regulatory approvals and subsequent broker-dealer consolidation.
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Frequently Asked Questions
What types of financial services deals are happening in Illinois?
Recent Illinois activity spans bank mergers and acquisitions, registered investment advisor (RIA) acquisitions, and capital markets platform expansion.
Which Illinois deals involve wealth management firms?
Several agreements and acquisitions involve wealth advisory platforms, including Hightower Advisors/Journey Strategic Wealth, Rothschild Wealth Partners (multiple acquisitions), and Savant Wealth Management acquiring Gryphon Advisors.
Are there any bank-related acquisitions in Illinois?
Yes. Examples include ServBanc Holdco, Inc. acquiring IF Bancorp, Inc. and Iroquois Federal Savings and Loan Association, and HBT Financial, Inc. completing a merger with CNB Bank Shares, Inc.
Do any Illinois transactions focus on capital markets technology?
Yes. TradingBlock is set to join Nant Global Finance, Inc. to support a blockchain-enabled capital markets platform, subject to final FINRA approvals.