AssetMark Financial, Inc. agreed to acquire OBS Holdings, Inc. from Canandaigua National Corporation (OTCPK:CNND) on September 30, 2019. The consideration will be paid in cash. Post completion, OBS Financial (subsidiary of OBS Holdings), will be integrated into AssetMark’s systems and infrastructure. AssetMark Financial Holdings expect to realize 5 to 6x multiple on post synergy EBITDA. OBS employees will be joining AssetMark after the transaction closes. The transaction is subject to customary closing conditions and is expected to close in early 2020. ECHELON Partners acted as the exclusive financial advisor to OBS and Canandaigua in the transaction. AssetMark Financial, Inc. completed the acquisition of OBS Holdings, Inc. from Canandaigua National Corporation (OTCPK:CNND) for $21.5 million on February 29, 2020. The purchase price of $21.5 million is net of working capital adjustments. The deal was subject to closing conditions that included approval from CFIUS.