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Portfolio > Investment VIPs

Raymond James to Buy Boutique Investment Bank

By Janet Levaux

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Paul Reilly, CEO of Raymond James Financial.

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.

The deal is intended to help the firm take advantage of the “significant shifts” taking place in the consumer and retail industries, according to Jim Bunn, president of Raymond James Global Equities & Investment Banking.

The combined Consumer & Retail practice will be led by John Berg, the CEO of Financo, who has nearly 30 years of experience as an investment banker and private equity investor and will include about 50 individuals.

Raymond James Investment Banking has raised nearly $280 billion in capital for corporate clients and completed about 750 M&As since 2015.

The firm also works with 8,200 financial advisors and total client assets of $923 billion.

— Check out Why Raymond James’ Purchase of $35B Retirement Plan Firm Is a ‘Strategic Fit’ on ThinkAdvisor.

Janet Levaux

@Think_JanetL

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