Advisor Buys Ladenburg
Advisor buys Ladenburg.
Advisor Group buys Ladenburg Thalmann Financial Services for $1.3 billion.
Ladenburg's independent advisory and brokerage firms are Securities America, Triad Advisors, Investacorp, KMS Financial Services, and Securities Service Network. Other divisions are insurance brokerage Highland Capital, trust services company Premier Trust, and Ladenburg Thalmann & Co., a middle-market investment bank. Each of these firms delivers unique, value-added solutions to Ladenburg financial advisors.
Advisor Group's network of firms is FSC Securities Corporation, Royal Alliance Associates, SagePoint Financial, and Woodbury Financial. This deal augments its industry leadership with the company now covering 11,300 financial advisors and $450 billion in client assets. Advisor Group is committed to a multi-brand network model delivering the advantages of industry-leading scale and resources through familiar relationship managers, a unique sense of community, and a personalized approach to service.
Jamie Price of Advisor Group said: ‘This acquisition brings together the best of two industry leaders, to the benefit of the financial advisors we collectively serve. We believe the investments necessary for competitively differentiated technology, practice management, and product and service excellence require a greater level of scale than either of our companies can achieve on a stand-alone basis. In fact, as our two organizations learned more about each other's platforms, it became obvious that our strengths rounded out each other's offerings, and combined, we have one of the most comprehensive and best-in-class platforms for financial advisors in the industry. Equally important, Advisor Group and Ladenburg have a shared commitment to the flexibility of third-party clearing, together with maintaining a small-firm feel delivered through the distinct management teams and cultures of a multi-brand network model. In today's fast-consolidating marketplace, where advisors fear becoming just another number in the crowd, the more intimate service culture and sense of community that our multi-brand approach offers are increasingly in demand.
This deal is a testament to the strength of both companies' management teams, the quality and early engagement of our advisor communities, and the overwhelmingly positive response from rating agencies and our investors. We have a shared excitement for creating an industry leader that offers a truly unique combination of resources, flexibility, and personalized service. We are thrilled to embark upon a new stage of growth and success for the advisors we support, and we offer the advisors who have joined us from Ladenburg a very warm welcome to the Advisor Group community of firms. For both our new and longstanding advisors, we look forward to continuing to demonstrate that we are in their corner, now and in the future.’
Richard Lampen of Ladenburg said: ‘This is a transaction that maximizes value for our shareholders while positioning our financial advisors for continued growth and success. We have always been impressed with the Advisor Group's platform, offerings, and leadership. Advisor Group's CEO, Jamie Price, and his management team offer a mature shared services model and a demonstrated ability to innovate and invest in ways that help advisors grow. We believe the transaction will help our financial advisors speed up the growth of their businesses while continuing to benefit from the highly personalized service experience they have always enjoyed, under a very similar multi-custodial, multi-clearing and multi-brand structure. On behalf of the entire Ladenburg Board and management team, I want to sincerely thank our employees and financial advisors for their tireless work and dedication.’
Milton Berlinski of Reverence Capital Partners, majority equity owner of Advisor Group, said: ‘Ladenburg Thalmann and Advisor Group are highly complementary businesses, with nationwide footprints, technology capabilities and senior management talent that represent the best of what the wealth management industry has to offer for financial advisors and their clients. By combining these two firms, we have created one of the most robust platforms in the country to support advisors' growth, with the scale, resources and intellectual capital to position them for success, no matter their business model or client focus. The extraordinary collaboration across the Advisor Group and Ladenburg Thalmann teams to close the merger has only further validated our confidence in the future of this partnership.’
Eversheds Sutherland, Kirkland & Ellis, and Greenberg Traurig served as legal advisors to Advisor Group and Reverence Capital.
Jefferies served as financial advisor to Ladenburg. Sullivan & Cromwell served as legal advisor.
Bank of America, UBS Securities, Barclays, Deutsche Bank Securities, and Goldman Sachs provided financing for the deal.
Advisor Group buys Ladenburg Thalmann Financial Services for $1.3 billion.
Ladenburg's independent advisory and brokerage firms are Securities America, Triad Advisors, Investacorp, KMS Financial Services, and Securities Service Network. Other divisions are insurance brokerage Highland Capital, trust services company Premier Trust, and Ladenburg Thalmann & Co., a middle-market investment bank. Each of these firms delivers unique, value-added solutions to Ladenburg financial advisors.
Advisor Group's network of firms is FSC Securities Corporation, Royal Alliance Associates, SagePoint Financial, and Woodbury Financial. This deal augments its industry leadership with the company now covering 11,300 financial advisors and $450 billion in client assets. Advisor Group is committed to a multi-brand network model delivering the advantages of industry-leading scale and resources through familiar relationship managers, a unique sense of community, and a personalized approach to service.
Jamie Price of Advisor Group said: ‘This acquisition brings together the best of two industry leaders, to the benefit of the financial advisors we collectively serve. We believe the investments necessary for competitively differentiated technology, practice management, and product and service excellence require a greater level of scale than either of our companies can achieve on a stand-alone basis. In fact, as our two organizations learned more about each other's platforms, it became obvious that our strengths rounded out each other's offerings, and combined, we have one of the most comprehensive and best-in-class platforms for financial advisors in the industry. Equally important, Advisor Group and Ladenburg have a shared commitment to the flexibility of third-party clearing, together with maintaining a small-firm feel delivered through the distinct management teams and cultures of a multi-brand network model. In today's fast-consolidating marketplace, where advisors fear becoming just another number in the crowd, the more intimate service culture and sense of community that our multi-brand approach offers are increasingly in demand.
This deal is a testament to the strength of both companies' management teams, the quality and early engagement of our advisor communities, and the overwhelmingly positive response from rating agencies and our investors. We have a shared excitement for creating an industry leader that offers a truly unique combination of resources, flexibility, and personalized service. We are thrilled to embark upon a new stage of growth and success for the advisors we support, and we offer the advisors who have joined us from Ladenburg a very warm welcome to the Advisor Group community of firms. For both our new and longstanding advisors, we look forward to continuing to demonstrate that we are in their corner, now and in the future.’
Richard Lampen of Ladenburg said: ‘This is a transaction that maximizes value for our shareholders while positioning our financial advisors for continued growth and success. We have always been impressed with the Advisor Group's platform, offerings, and leadership. Advisor Group's CEO, Jamie Price, and his management team offer a mature shared services model and a demonstrated ability to innovate and invest in ways that help advisors grow. We believe the transaction will help our financial advisors speed up the growth of their businesses while continuing to benefit from the highly personalized service experience they have always enjoyed, under a very similar multi-custodial, multi-clearing and multi-brand structure. On behalf of the entire Ladenburg Board and management team, I want to sincerely thank our employees and financial advisors for their tireless work and dedication.’
Milton Berlinski of Reverence Capital Partners, majority equity owner of Advisor Group, said: ‘Ladenburg Thalmann and Advisor Group are highly complementary businesses, with nationwide footprints, technology capabilities and senior management talent that represent the best of what the wealth management industry has to offer for financial advisors and their clients. By combining these two firms, we have created one of the most robust platforms in the country to support advisors' growth, with the scale, resources and intellectual capital to position them for success, no matter their business model or client focus. The extraordinary collaboration across the Advisor Group and Ladenburg Thalmann teams to close the merger has only further validated our confidence in the future of this partnership.’
Eversheds Sutherland, Kirkland & Ellis, and Greenberg Traurig served as legal advisors to Advisor Group and Reverence Capital.
Jefferies served as financial advisor to Ladenburg. Sullivan & Cromwell served as legal advisor.
Bank of America, UBS Securities, Barclays, Deutsche Bank Securities, and Goldman Sachs provided financing for the deal.
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