Richmond investment bank to acquire Atlanta firm
Richmond-based Cary Street Partners LLC , a wealth management and investment banking firm, plans to acquire The Breckenridge Group Inc., a privately held Atlanta-based investment bank.
The deal is subject to regulatory approval. The transaction's financial details were not disclosed.
The Breckenridge Group, founded in 1987, provides investment banking services to middle-market businesses.
It has completed financial advisory assignments representing more than $25 billion in transaction value.
The transaction marks the second for Cary Street Partners within the last 12 months.
The acquisition is part of Cary Street Partners’ strategy to acquire high-quality wealth management and investment banking firms in attractive markets.
The firm acquired Texas-based RiverStone Wealth Management in December 201, adding more than $400 million in client assets and annual revenue of $5.4 million to its financial portfolio.
Cary Street Partners, founded in 2002, targets markets in Southeast from Virginia through Texas.
The firm currently has 11 locations in five states including: Georgia (Atlanta), North Carolina (Charlotte, Greensboro), Tennessee (Johnson City), Texas (Austin, San Antonio) and Virginia (Abingdon, Blacksburg, Richmond, Wytheville and Fredericksburg).