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PE-backed Wealth Enhancement Group acquires Cimino Wealth Advisors

Wealth Enhancement Group LLC, a Plymouth, Minn.-based independent wealth management firm, acquired Cimino Wealth Advisors, an independent financial advisory practice in Clinton, Wis., with $494.5 million in client assets.

Financial terms of the deal were not disclosed.

Cimino Wealth Advisors President and founder Vince Cimino will continue to lead Wealth Enhancement's Wisconsin office as a senior vice president and financial adviser. He will also continue to maintain his broker/dealer affiliation with LPL Financial Holdings Inc.

Wealth Enhancement, backed by private equity firm Lightyear Capital LLC, has approximately $8.4 billion in total client assets as of April 30.