MLV & Co Financial, the parent firm of the boutique investment bank MLV, has agreed to buy 49 per cent of
Westport Capital Markets, a privately-held broker-dealer and registered investment advisor, for an undisclosed amount.

Following the deal, the Westport team will remain in their current locations, with no operational changes on a day-to-day basis, Dean Colucci, president of MLV, told Family Wealth Report.  

The purchase of Connecticut-based Westport will allow both firms to “significantly expand” their ranges of products and services, he said.

The Financial Industry Regulatory Authority still needs to approve the deal. Once it is completed, the firms have joint plans to make several “near-term acquisitions,” according to a statement. 

“MLV is growing its investment banking business with a focus on alternative capital raising strategies, such as at-the-market transactions, preferred and baby bond offerings. It sees the growth in the wealth management and RIA space as an opportunity to build a robust business around Westport, a great firm attracting the best talent in wealth management and RIA,” said Colucci.

“Adding Westport’s wealth management brand and expertise immediately enhances MLV’s substantial distribution capabilities. The combined entity will have assets under management and administration of approximately $300 million,” said Patrice McNicoll, chief executive of MLV & Co.

Westport provides broker-dealer and investment advisory services to high net worth and institutional clients in the US and was founded in 1996.

MLV was founded in 2010 as a boutique investment bank and institutional broker-dealer. It has since completed around 90 transactions, raising some $2.5 billion for clients. It has office in New York, Denver, CO, San Francisco, CA, and Houston, TX.