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FBR to acquire MLV for strength in ATM sales, baby bonds, preferreds
By Wendy Van Sickle
Columbus, Ohio, July 23 – FBR & Co. will acquire investment banking and brokerage firm MLV & Co. LLC under a definitive agreement announced in a Thursday press release.
MLV focuses on equity capital markets and is a provider of At-the-Market (ATM) offerings.
“MLV’s leading market share in ATM execution and its client focused approach to providing corporate finance solutions are both strong complements to FBR’s leading presence in initial equity placement and institutional brokerage,” FBR chairman and chief executive officer of Richard J. Hendrix said in the release.
FBR executive vice president and head of investment banking Kenneth P. Slosser said the “MLV team has built an impressive transaction history in baby bonds, preferred offerings and other capital market solutions that FBR’s corporate clients often desire.”
“By joining with FBR, we are confident that we will have the right platform from which we can continue to service our clients with market-leading and differentiated capital raising strategies, which has always been our philosophy, and the core of our existing business,” MLV’s chief executive officer Patrice McNicoll said in the release.
Both companies’ boards of directors have approved the transaction, according to the release. Financial terms of the deal were not disclosed.
The deal is expected to close in the third quarter of 2015.
Based in Arlington, Va., FBR provides investment banking, merger and acquisition advisory, institutional brokerage and research services through its subsidiary FBR Capital Markets & Co. MLV is an independent full service investment bank and institutional broker dealer based in New York.
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