Janney Montgomery Scott has agreed to acquire middle market investment bank TM Capital, a provider of M&A advisory services across the business services, industrials, healthcare, and consumer sectors.
TM Capital is led by CEO James Grien, has 17 managing directors and nearly 50 employees with offices in Atlanta, Boston, and New York City. TM Capital has completed nearly 60 M&A and private capital transactions from 2021 to 2022 with an aggregate $5.8 billion in value, and over 450 transactions with a combined value of $30 billion since the firm’s founding in 1989.
“We’re thrilled to join forces with Janney, a firm that shares our cornerstone values and vision. Janney brings us immediate scale and important resources to further enhance our client relationships,” said Mr. Grien. “Together, we offer a more diverse set of products and services across a combined eight industry verticals in which we have proven domain expertise. We’re looking forward to exceeding expectations and achieving new levels of success as part of the Janney team.”
The acquisition of TM Capital continues an acquisitive period for Janney’s Capital Markets Group and follows the July 2022 addition of 21 professionals from Boenning & Scattergood, including Managing Directors James Adducci, Christopher Chapman, Charles Crowley, Chad Hull, and Tony Latini; and the addition of several senior bankers this past year.
“We’re excited to welcome TM Capital to Janney,” said Joe Culley, the head of the capital markets group at Janney. “The tenured team brings nationally recognized experience in complementary and additive business lines to our existing investment banking practice, including greatly expanding our private equity client base. Their strong reputation will be an immediate value add to our business.”
At closing, TM Capital will continue to operate under its current brand with Mr. Grien and Jarrad Zalkin co-leading the business. Both Messrs. Grien and Zalkin will report to Matt Veneri, the head of investment banking at Janney.
“This acquisition showcases our strategic plan in action – two firms with shared values and similar cultures coming together to enhance their businesses and better serve their clients,” said Mr. Veneri, “The TM Capital team brings more than 325 years of combined experience and a mutual standard of excellence. We couldn’t ask for a better partner.”
Today, Janney’s Capital Markets Group has more than 200 professionals who provide investment banking, equities, and fixed income services to corporate, institutional, and municipal clients. Over the past 3 years, Janney has completed 283 capital markets and M&A transactions totaling more than $46 billion in value.
Philadelphia-headquartered Janney Montgomery Scott is a provider of wealth management, capital markets, and asset management services and is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
“We see a distinct opportunity to partner with boutique investment banking firms looking to scale, and we’ll continue pursuing acquisitions, lift outs, and strategic hires over the next several years,” added Mr. Culley.
Houlihan Lokey was the financial advisor to TM Capital on this transaction.
© 2023 Private Equity Professional | November 14, 2023
