Atlanta Capital Group (ACG) has acquired Birmingham, Ala.-based Chitwood Advisory Group, a firm with $82 million under management, company executives disclosed today.

Terms of the deal were not disclosed.

Founded in 2002 by company principals David Millican, Jeff Shaver and Jody Young, ACG has grown from $80 million in AUM to $765 million, including the Chitwood acquistion. The Buckhead, Ga.-based ACG is an independent firm that serves high net worth individuals, foundations, endowments, and retirement plans.

"Chitwood Advisory is complimentary to Atlanta Capital Group," said Millican, principal managing partner for ACG. "This is an opportunity for us to grow our foot print and enter a market with which we are very familiar."

Patrick R. Chitwood has been managing wealth for individuals and institutions for more than 30 years. He has managed offices for Wheat First Securities in Winston-Salem, NC and Robinson Humphrey in Asheville, N.C. before forming Chitwood Advisory in 1988.

"We are excited about the opportunities that our association with Atlanta Capital brings to our clients," said Patrick R. Chitwood, a 30-year wealth managing veteran who formed Chitwood Advisory in 1988. "As a smaller advisory firm, we had reached our limit of services that we could provide. ACG offers the capacity to enrich our client relationships."