Berkshire Global Advisors Initiated this Transaction and Acted as Exclusive Financial Advisor to Sammons Financial Group
Seller Details:
NorthRock Partners (“NorthRock”) is a wealth management firm with more than $5 billion in assets under management and 1,500 clients. Headquartered in Minneapolis, NorthRock delivers a comprehensive set of financial and lifestyle advisory services across areas such as investments, tax, insurance, legal and estate, and charitable giving. In addition to their suite of services for corporate leaders, business owners, and family offices, NorthRock has also earned a reputation for innovation — launching several divisions including NorthRock X which supports athletes and entertainers, Foundation X which supports philanthropists and foundations, and NRX Hockey which supports professional hockey players from around the world.
Buyer Details:
With more than $117 billion in GAAP assets, Sammons Financial Group is a diversified financial services organization with a long history of leadership in the life insurance and retirement marketplace. A subsidiary of Sammons Enterprises, Inc., Sammons Financial Group is privately owned with member companies. The Sammons Financial Group insurance companies emerged from 2020 with more than $10 billion in total premiums. The member companies include Midland National® Life Insurance Company (including Sammons® Corporate Markets); North American Company for Life and Health Insurance®; Sammons Institutional Group® (including Midland Retirement Distributors® and Sammons Retirement Solutions®); and Beacon Capital Management®. Sammons Institutional Group offers fee-based retirement products and fixed & variable annuities.
Transaction Summary:
This collaboration represents a significant milestone for both companies and reaffirms their dedication to deliver a differentiated wealth management model centered around the holistic needs of the client. Through this partnership, NorthRock will bring together its advice-led model with Sammons Financial Group’s shared vision and strong capital position.