Summit-based Simplicity acquires Sawtooth Solutions

(File photo)

Simplicity, a financial product distribution company based in Summit, has acquired Minneapolis-based Sawtooth Solutions, the companies said in a statement.

Sawtooth, which provides a unified managed account platform for independent wealth advisers, will adopt the Simplicity brand, the companies said.

“Sawtooth’s proven expertise and approach to delivering outsourced investment management services to the independent advisory space is a terrific fit with what Simplicity envisions for the future of wealth management,” Simplicity CEO and President Bruce Donaldson said. “Together, our businesses will establish a new paradigm for empowering trusted advisers.”

The deal will give Sawtooth access to the entire Simplicity distribution network, enhancing the scale and reach of the company’s platform.

“Simplicity’s resources are extensive and, through disruptive innovation, we will advance the capability of our advisers to help them meet the ever-increasing demands of their clientele,” Sawtooth CEO Brad Pries said. “With access to Simplicity’s expertise, capital and talent, we can execute on best ideas to drive growth for the combined firms.”

Oppenheimer & Co. and Dentons Sirote P.C. represented Simplicity in the transaction, the company said. Sawtooth was represented by Echelon Partners and Winthrop & Weinstine.

Financial terms were not disclosed.