MLV & Co. Financial has struck a deal to buy a stake in an investment advisor in Connecticut and promises more acquisitions to come.
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.