Lido Advisors, a Century City-based wealth advisory firm, recently acquired registered investment advisory firm Pegasus Partners in Wisconsin, which specializes in wealth management for ultra-high net worth families.

Terms of the deal were not disclosed, but Lido Chief Executive Jason Ozur said it was a cash and stock acquisition. All 22 team members from Pegasus will stay on with Lido and most will become partners.

When the two companies connected, Ozur said it was like “one plus one equals three.”

“We were instantly attracted to the (Pegasus) team, because we saw that they had a very robust and scalable investment process for alternative investments and their core competency and sophistication was an amazing complement to our internal alternative investments and strategy,” Ozur said.

This move came at the right time for Lido, which had been hoping to establish a physical presence near Milwaukee where the firm already had a large client base.

Noting an overall similar strategy between the two companies, Ozur said he was particularly impressed with Pegasus’ level of sophistication when it came to private equity funds and alternative investments.

Todd Krieg, Pegasus’ founder and chief executive, said he was excited for the opportunities under Lido’s leadership.

“With Lido we are aligned in building a brand that embodies excellence. Together, we will work to continuously enhance the investment and wealth planning advice that we offer to the families, foundations, and institutions we work with,” Krieg said in a statement.

Since partnering with Charlesbank in 2021 and most recently also working with Constellation Wealth Capital, Lido has been fixated on national expansion.

From 2021 to now, Lido has grown its assets from about $6.5 billion to $24 billion, not including the Pegasus deal, which will bring in Pegasus’ more than $3 billion in assets under management, Ozur said.

“We’re very fortunate to have two truly spectacular partners that enable us to scale our business,” Ozur said.

When partnering with private equity, it was important for Lido employees to have a seat at the table, which is why the company is about 45% employee owned, Ozur said.

In addition to this recent Midwest expansion, Lido has made moves in Northern California, Texas, New York, Colorado, Ohio, the Carolinas and more.

Ozur also has his eyes on expanding to Detroit and Minnesota and growing Lido’s footprint more in Seattle and Boston – though the most important driver of Lido’s M&A activity is talent, he said.