Philadelphia-based wealth management firm Janney Montgomery Scott has agreed to acquire FIG Partners, an Atlanta-based investment banking research firm, for an undisclosed amount.
Image: Janney Montgomery to acquire FIG Partners. Photo: Courtesy of rawpixel/Pixabay.
Janney Montgomery expects to close the deal in the second quarter of this year.
It is Janney Montgomery’s second investment bank acquisition in less than 12 months, following HighBank Advisors, which was acquired last May. FIG Partners adds to the company’s existing financial institutions sector coverage
The deal brings Janney Montgomery an addition of over 200 capital markets professionals, offering investment banking, equity and fixed income expertise to corporate, institutional and municipal clients.
After the acquisition is completed, the present executive team at FIG Partners will take new leadership roles in Janney.
Janney president and CEO Timothy Scheve said: “We are thrilled to add FIG Partners to the Janney team. This is a unique opportunity for two firms with shared values and similar cultures to join together.
“The acquisition reflects Janney’s goal to be a leader in comprehensive financial advisory services and provides FIG Partners with access to an enhanced platform and geographic reach to continue their growth.”
FIG Partners covers 125 small and mid-size banks and makes markets in over 800 community bank stocks. Some of the highlights include 43 mergers & acquisitions (M&A) transactions, totaling more than $4.6bn in transaction value, $1.1bn of equity capital raised and more than $185m in debt capital raised since 2017.
FIG Partners co-founder and CEO Geoffrey Hodgson said: “Our team is excited to join Janney. We always knew we would need a larger platform to meet and enhance client needs. Janney is the right partner at the right time; a firm with a shared vision for serving clients, communities, and employees.
“This is an opportunity to bring our community bank clients a powerful combination of scale, sophistication, and expertise. As part of Janney, FIG will help clients raise more capital, advise on more deals, and offer more research and insight to investors.”
Last May, Janney Montgomery acquired HighBank Advisors, a middle-market investment bank and financial advisory firm, based in Baltimore, with a presence in Philadelphia. The transaction is expected to strengthen its leadership in M&A space and supports its comprehensive advisory services expertise, particularly in business services, technology and industrial sectors.