NEW YORK, Oct. 11, 2012 /PRNewswire/ -- MLV & Co. Financial ("MLV Financial"), the parent company of boutique investment bank, MLV & Co ("MLV"), announced today that it has entered into an agreement to purchase 49% of Westport Capital Markets, LLC ("Westport"), a privately held broker-dealer and Registered Investment Advisor based in Westport, Connecticut that will enable MLV Financial to significantly expand the range of products it offers clients. The transaction is expected to close upon receipt of all necessary regulatory approvals from the Financial Industry Regulatory Authority. The parties did not disclose the terms of the transaction.
MLV Financial intends to build a retail and asset management platform with Westport as its centerpiece. MLV Financial and Westport 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.
"This partnership immediately and significantly expands MLV Financial's capabilities and exceptional team while preserving its client-focused service model," said Patrice McNicoll, CEO of MLV Financial. "The deal simultaneously adds to the strength and resources of Westport Capital, already a leader attracting the highest quality players in the retail sales and registered investment adviser space."
"MLV is a well-established and growing investment bank," said Dean Colucci, President of MLV Financial. "Adding Westport's wealth management brand and expertise immediately enhances MLV's substantial distribution capabilities. The combined entity will have assets under management and administration of approximately $300 million."
Founded in 1996, Westport provides broker/dealer and investment advisory services to high net worth retail investors and a diverse array of institutional clients across the United States.
"MLV Financial's client-focused model and unique and extensive products mesh well with the culture that I developed at Westport Capital," said Chris McClure, President and CEO of Westport. "I am very excited to join forces with MLV and I am eager to begin working with the MLV team to build a more broadly-based and robust retail and asset management platform."
About MLV & Co
MLV Financial's primary operating company, MLV, is an independent full service investment bank and institutional broker dealer. MLV's experienced team of investment banking professionals, research analysts and traders are focused on providing outstanding service to institutional investors and growth oriented companies in capital intensive sectors including real estate, healthcare, energy, and natural resources. Since its inception in 2010, MLV has completed more than 90 transactions and raised more than $2.5 billion of behalf of its clients. From January 2010 through June 30 2012, MLV has been the lead underwriter on 65 at the market transactions totaling nearly $2 billion, surpassing every other investment bank during this period. The firm has offices in New York, Denver, San Francisco, and Houston.
MLV is a member of FINRA and the SIPC.
SOURCE MLV & Co. Financial