Janney Montgomery Scott, a full-service wealth management, capital markets, and asset management firm, is to acquire FIG Partners, an Atlanta-based investment banking and research firm.
The experienced team at FIG Partners brings nationally recognised expertise within the community bank sector to Janney’s existing financial institutions sector coverage. The transaction, expected to close in the second quarter, is Janney’s second investment bank acquisition in less than 12 months, following the addition of HighBank Advisors in May 2018.
“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,” says Timothy C Scheve, Janney’s President and CEO. “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.”
This addition gives Janney a total of more than 200 capital markets professionals, who provide investment banking, equity, and fixed income expertise to corporate, institutional, and municipal clients.
“FIG Partners is a leading boutique investment bank specialising in community banks, an attractive area for M&A and capital raising, and a sector of interest to Janney’s more than 800 financial advisors,” says Joseph Culley, Head of the Capital Markets Group at Janney. “This strategic acquisition deepens our sector expertise, strengthens our overall presence, and supports the growth of both our Private Client and Capital Markets Groups.”
The current executive team at FIG Partners will assume new leadership roles at Janney.
“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,” says Geoffrey Hodgson, FIG Partners Co-Founder and CEO. “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.”
Janney has consistently ranked as one of the top middle-market capital markets firms in the U.S. Since 2013, the firm has completed 420 investment banking transactions aggregating USD50 billion in value.
FIG Partners currently covers 125 small and mid-size banks and makes markets in 800-plus community bank stocks. Highlights include 43 M&A transactions, totalling approximately USD4.6 billion in transaction value, USD1.1 billion of equity capital raised, and more than USD185 million of debt capital raised since 2017.
Freeman & Co acted as financial advisor to Janney. Blank Rome LLP served as legal counsel to Janney. Silver, Freedman, Taff & Tiernan LLP served as legal counsel to FIG Partners.
