Raymond James Financial to acquire consumer-focused boutique investment bank Financo
ST. PETERSBURG, Fla. – Raymond James Financial, Inc. (NYSE: RJF) announced today that it has entered into a definitive purchase agreement to acquire Financo, a boutique investment bank focused on the consumer sector. The transaction is expected to close in the firm’s fiscal second quarter.
“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.
With offices in New York and London, Financo has strong expertise in a number of consumer and retail specialties and is particularly known for its capabilities in the beauty and personal care, direct-to-consumer e-commerce, enthusiast brands, healthy living and active lifestyle, as well as home furnishings segments, and for working with private, private-equity-backed and publicly traded high-growth, transformative consumer companies. 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.
“As the consumer and retail spaces undergo significant shifts in business models and shopping behavior, we see tremendous growth opportunity for M&A and growth capital-raising in the space, which are Financo’s main areas of expertise,” said Jim Bunn, president of Raymond James Global Equities & Investment Banking. “This acquisition significantly expands our Consumer group and deepens our private-equity relationships further assuring Raymond James is well-positioned to serve clients’ growing demand for banking expertise during a critical period of transition and change in the sector. We welcome Financo’s impressive professionals to Raymond James and look forward to integrating our collective team.”
With the acquisition of Financo, Raymond James Investment Banking’s new and enhanced sub-sectors of coverage within Consumer & Retail will include apparel and accessories, beauty and personal care, consumer services, direct-to-consumer/e-commerce, enthusiast brands and active lifestyle, fitness and healthy living, footwear, food and beverage, home furnishings and décor, restaurants and specialty retail. 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 in the consumer and retail space. The strengthened 50-person team will offer enhanced product capabilities and deliver broader and deeper market coverage.
“Financo and Raymond James share the same values and client-first culture, and with similar approaches to how we do business, we were drawn to their people and their desire to focus on serving the client,” said Berg. “I’ve long admired Raymond James and the growth of its investment banking franchise, and we’re thrilled to be able to offer its global network, strong capabilities and resources to our clients.”
“This agreement marks an exciting new chapter for the Raymond James Investment Banking platform,” said Mark Goodman, who is presently the head of Raymond James Consumer & Retail Investment Banking and will continue working with clients and building the practice as Vice Chairman once the transaction is completed. “I welcome my friend John Berg and his colleagues at Financo to our team. John is a fantastic leader and dealmaker. Together we look forward to leveraging our deep industry knowledge and valuable network to offer clients sophisticated transaction solutions.”
The acquisition of Financo continues the firm’s strategic growth in its Investment Banking capabilities, both domestically and internationally. The completion of the transaction is subject to certain regulatory and other closing conditions.About Raymond James Investment Banking
Raymond James Investment Banking offers highly regarded capital formation and financial advisory services. Since 2015, we have participated in raising nearly $280 billion in capital for our corporate clients and completed over 875 advisory assignments, including nearly 750 M&A buy-side or sell-side advisory assignments.
About Raymond James Financial, Inc.
Raymond James Financial, Inc. (NYSE: RJF) is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. The company has approximately 8,200 financial advisors. Total client assets are $923 billion. Public since 1983, the firm is listed on the New York Stock Exchange under the symbol RJF. Additional information is available at www.raymondjames.com.
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