Minneapolis-based Wealth Enhancement Group announced on Thursday that it is purchasing Warren, N.J.-based AEPG Wealth Strategies.

AEPG, an RIA with 27 employees serving more than 600 clients and over $1 billion assets, will be Wealth Enhancement Group’s first New Jersey location. The firm specializes in serving medical professionals.

The AEPG transaction would be the 13th acquisition for Wealth Enhancement Group in the past six years.

Jeff Dekko, Wealth Enhancement Group CEO, said that AEPG’s retirement plan and employee benefits services, as well as its geographic location, will enhance his firm’s capabilities.

“Acquisitions of select independent financial advisor businesses support our national growth strategy by bringing in the talented professionals we need to serve a growing client base in diverse geographies,” said Dekko in released comments. “We will continue to identify and acquire exceptional firms, led and staffed by exceptional people, to join forces with our organization as partners in helping us expand as a nationally respected wealth management and financial planning brand. AEPG was an ideal candidate due to both its business achievements, and its culture, which has its roots in a passionate belief in doing the best for clients in every engagement.”

Steven Kaye, AEPG’s founder and CEO, will continue to lead his team under Wealth Enhancement Group as a senior vice president and managing director.

The deal is expected to close Oct. 1. Additional terms of the transaction were not made available.

Wealth Enhancement Group recently became the subject of speculation that Lightyear Capital, its private equity owner, was seeking buyers for the $11.8 billion AUM firm. Lightyear has reportedly hired Raymond James to serve as an advisor on the sale, according to Buyouts Insider.

The company had no comment on the reports. “As a matter of policy, Wealth Enhancement Group does not comment on speculation regarding M&A activity or strategic transactions of any kind,” said Joseph Kuo, a spokesperson for Wealth Enhancement Group.