MLV & Co. Financial has struck a deal to buy a stake in an investment advisor in Connecticut and promises more acquisitions to come.
The parent company of the boutique investment bank MLV & Co. has agreed to purchase 49% of the privately held Westport Capital Markets, MLV said Thursday.
The deal would expand the range of products that MLV could offer its clients and the company would build a retail and asset management platform around the Westport business. The combined company would have assets under management and administration of roughly $300 million.
The companies "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," MLV said in a news release.
Westport, founded in 1996, provides broker/dealer and investment advisory services to high net worth investors and a range of institutional clients in the U.S. MLV has offices in New York, Denver, San Francisco and Houston.
The companies did not disclose the financial terms of the deal.