Pennsylvania-based asset manager Janney Montgomery Scott has agreed to acquire HighBank Advisors, a Maryland-based middle-market investment bank and financial advisory firm, for an undisclosed sum.
The deal will add business services to Janney’s existing business verticals of basic industries, financial institutions, healthcare, infrastructure, and real estate.
The business services group will be led by HighBank founder and managing director Stephen Gaines.
As part of the deal, 11 professionals of HighBank, including six managing directors, will join Janney’s offices in Baltimore and Philadelphia and work as part of Janney’s investment banking group.
Janney senior vice president and head of capital markets Joe Culley said: “This transaction underscores our commitment to expanding our middle-market advisory capabilities and represents an important step toward executing our strategy of disciplined growth.
“We look forward to leveraging the industry experience, sector knowledge and strategic relationships of our combined businesses to better serve our client base and complement our strong and growing Capital Markets business.”
Janney managing director and head of investment banking Cliff Booth added: “The expansion of our M&A business aligns with the interests of many of our private wealth clients who are business owners in need of services related to selling their business or raising capital.”