MLV & Co Financial, the parent company of boutique investment bank MLV, has agreed to acquire 49% of Westport Capital Markets, a privately held broker-dealer, for an undisclosed sum.
The deal, which is subject to Financial Industry Regulatory Authority approval, will enable the acquirer to boost the range of products it offers to clients.
MLV Financial CEO Patrice McNicoll said, "This partnership immediately and significantly expands MLV Financial’s capabilities and exceptional team while preserving its client-focused service model."
The integrated company will own assets under management and administration of nearly $300m, which will help the company to execute several additional near-term acquisition opportunities.
Established in 1996, Westport delivers broker/dealer and investment advisory services to high net worth retail investors and a range of institutional clients across the US.
MLV is an independent full service investment bank and institutional broker dealer, providing comprehensive investment banking services to institutional investors and growth oriented companies.