Janney Montgomery Scott, a Philadelphia-based asset management firm, is acquiring investment bank TM Capital.
TM Capital is a premier middle market investment bank specializing in mergers and acquisitions (M&A) advisory across the business services, industrials, healthcare, and consumer sectors. The company has 17 managing directors and nearly 50 total employees with offices in Atlanta, Boston, and New York City.
The acquisition is designed to bolster Janney’s growing Capital Markets Group, building on the 2022 lift out of 21 professionals from Boenning & Scattergood and the addition of several senior bankers this past year.
“We’re excited to welcome TM Capital to 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,” Joe Culley, head of the Capital Markets Group at Janney, said. “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.”
The transaction, subject to regulatory approval, is anticipated to close by the end of the year.
“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. 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,” James Grien, president and CEO of TM Capital, said.
At closing, TM Capital will continue to operate under its brand with Grien and Jarrad Zalkin of TM Capital co-leading the business. Grien will hold the additional title of vice chairman of Investment Banking. Both will report to Matt Veneri, 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. 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,” Veneri said.
Janney’s Capital Markets Group consists of more than 200 professionals who provide investment banking, equities, and fixed income expertise to corporate, institutional, and municipal clients. Janney is considered one of the top middle-market capital markets firms in the U.S. Over the last three years it has completed 283 capital markets and M&A transactions aggregating $46.5 billion in value.
TM Capital has completed nearly 60 M&A and private capital transactions from 2021-2022, aggregating $5.8 billion in value, and over 450 transactions since their founding in 1989.