MLV & Co. Financial has struck a deal to buy a stake in an investment advisor in Connecticut and promises more acquisitions to come.
The parent company of the boutique investment bank MLV & Co. has agreed to purchase 49% of the privately held Westport Capital Markets, MLV said Thursday.
The deal would expand the range of products that MLV could offer its clients and the company would build a retail and asset management platform around the Westport business. The combined company would have assets under management and administration of roughly $300 million.
The companies "have already identified and plan to execute several additional near-term acquisition opportunities that would rapidly and substantially expand the Westport platform and its assets under management," MLV said in a news release.
Westport, founded in 1996, provides broker/dealer and investment advisory services to high net worth investors and a range of institutional clients in the U.S. MLV has offices in New York, Denver, San Francisco and Houston.
The companies did not disclose the financial terms of the deal.
All On Wall Street articles are archived after 7 days. REGISTER NOW for unlimited access to all recently archived articles, as well as thousands of searchable stories. Registered Members also gain access to exclusive industry white paper downloads, web seminars, blog discussions, the iPad App, CE Exams, and conference discounts. Qualified members may also choose to receive our free monthly magazine and any of our daily or weekly e-newsletters covering the latest breaking news, opinions from industry leaders, developing trends and growth strategies.