Minneapolis private investors Russell King and Jacob Simms have acquired Oak Ridge Financial Services, the firm announced on Tuesday.
Terms were not disclosed.
King and Simms are the president and chief investment officer, respectively, of Minneapolis-based King Capital Corp., where they manage a proprietary portfolio of securities, funds and limited partnerships. King Capital Corp. also manages the Peter J. King Family Foundation, which awards grants to organizations in the Twin Cities that focus on children's health and education and family initiatives.
"Oak Ridge Financial is incredibly well-positioned for tremendous growth and success, thanks to its outstanding staff and loyal clients," King said in a statement.
Golden Valley-based Oak Ridge was founded in January 2005 when Marc Kozberg and three other partners bought a related firm and renamed it Oak Ridge Financial. The company, which has 58 employees, offers a range of brokerage, financial advisory and investment banking services to businesses and individuals.
Oak Ridge's Private Client Group has 44 financial advisers who serve more than 3,000 clients in 46 states. Its Investment Banking Group provides advice on capital raising, mergers and acquisitions and other services to community banks and emerging growth companies in the Midwest.
King and Simms have acquired 100 percent of Oak Ridge, and King will become chairman and CEO of the firm. Kozberg is leaving the firm, but the rest of Oak Ridge's management and staff are expected to remain.
In the release, Kozberg called King and Simms the perfect team to lead the company.
