Raymond James says it has struck a deal to acquire Financo, a boutique investment bank that specializes in consumer- and retail-focused firms.
The news comes a week after Raymond James announced plans to buy retirement plan administrator NWPS, which has $35 billion in plan assets and 400,000 participants.
“With our strong capital position and the growing demand for effective investment banking expertise among consumer and retail companies, this deal allows us to strategically grow our capabilities with an industry-leading team that has a similar culture and desire to deliver meaningful outcomes for clients,” said Raymond James Financial Chairman and CEO Paul Reilly.
The transaction is expected to close in the firm’s fiscal second quarter, which ends March 31.
Financo’s specialties include beauty and personal care, direct-to-consumer e-commerce, enthusiast brands, healthy living and active lifestyle companies, as well as those in home furnishings.
“The integration of Financo’s more than 25 experienced professionals with the Raymond James complementary consumer and retail practice positions the firm as a global market-leader in consumer and retail investment banking,” Raymond James said in a statement Thursday.