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December 18, 2020

Raymond James finalises deal to buy boutique investment bank Financo

American independent investment bank Raymond James Financial has brokered a deal to purchase consumer-focussed boutique investment bank Financo.

Financo is an investment bank for beauty and personal care, direct-to-consumer e-commerce, enthusiast brands, healthy living and active lifestyle, as well as home furnishings sectors.

It also partners with private, private equity-backed and publicly-traded consumer companies.

Financo has offices in New York and London.

By acquiring Financo, the mid-market focused bank will expand into the consumer and retail investment banking space.

Financo will bring 25 experienced dealmakers to Raymond James’ consumer and retail team. In total, Raymond James will have 50 professional dealmakers.

Financo CEO John Berg will spearhead the Raymond James’ Consumer & Retail operations.

Berg said: “I have long admired Raymond James and the growth of its investment banking franchise, and we are thrilled to be able to offer its global network, strong capabilities and resources to our clients.”

The acquisition will also add new sub-sectors to Raymond James consumer and retail investment banking practice.

This includes apparel and accessories, beauty and personal care, consumer services, direct-to-consumer or e-commerce, enthusiast brands and active lifestyle, fitness and healthy living, footwear, food and beverage, home furnishings and decor, restaurants, and specialty retail.

Raymond James Financial chairman and CEO Paul Reilly said: “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.”

Raymond James global equities & investment banking president Jim Bunn added: “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.”

Subject to the receipt of regulatory approvals, the transaction is expected to close in Raymond James’ fiscal second quarter.

The financial details of the transaction have not been divulged.

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