Chicago-based HighTower made a strategic investment in Lexington Wealth Management (LWM), a Mass.-based advisory practice with $1 billion in client assets under advisement (AUA), according to a Tuesday announcement.

The transaction is expected to close in the third quarter, according to the announcement from Silver Lane Advisors, which advised LWM on the deal. Additional terms were not disclosed on Tuesday.

Founded in 2000 by Michael Tucci and Kristine Porcaro, LWM serves entrepreneurs, executives, professionals, affluent women, high-net-worth individuals and families, with a focus on helping clients understand the emotional aspects of their financial decisions.The LWM team has 17 employees, including 11 advisors.

According to the news release, LWM chose to join HighTower after considering other strategic investors including banks, private equity companies and wealth management firms.

“We view the addition of LWM as a key anchor in a very attractive market,” said Hightower CEO Bob Oros in released comments. “The combination of their growth orientation, along with access to HighTower’s scale, sophistication and capital is a powerful formula.”

Backed by Boston-based private equity firm Thomas H. Lee Partners, HighTower offers capital and services to independent- and growth-minded advisory businesses.

LWM is HighTower’s 24th external RIA transaction since inception, and its third in 2019. Earlier this year, HighTower acquired stakes in LourdMurray and Green Square Wealth Management. HighTower now has 99 advisory businesses overseeing a total of $70.3 billion in client assets across 33 states.