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Wentworth Acquires Purshe Kaplan Sterling

Wentworth Acquires Purshe Kaplan Sterling

Transaction marks first major acquisition for independent broker-dealer holding company

PR Newswire

NEW YORK, Dec. 5, 2017 /PRNewswire/ – Wentworth Management Services, LLC (“Wentworth”) announced today at the MarketCounsel Summit its acquisition of Albany-based independent broker-dealer Purshe Kaplan Sterling Investments (“PKS”). The transaction closed on Nov. 30, 2017 and full terms of the deal were not disclosed.


Wentworth is a holding company that acts as a long-term owner and operating partner for broker-dealers and other firms in the independent wealth management channel. The company focuses on established small- to middle-market independent broker-dealers like PKS seeking a strategic partner to provide support and scale for their businesses.

“There is a seminal change taking place right now in the wealth management industry as independent firms grow and gather assets to rival the wirehouses and large banks,” said Wentworth CEO Ryan Morfin. “At the same time, costs of technology, security and compliance are rising and the industry is consolidating rapidly. PKS is an established firm with the scale and infrastructure to meet these challenges, and partnering with them will enable us to smoothly acquire and integrate additional independent broker-dealers to the Wentworth family.”

PKS’s core management team will remain in place, and the firm’s business model and operations will be unchanged by this transaction. The foundation of PKS’s business model is an open-architecture environment that empowers its registered representatives to affiliate with the best-of-breed custodians and financial services partners that best suit the needs and preferences of their practices. The partnership with Wentworth will deliver additional balance sheet capabilities and human capital enhancements to PKS, and support future growth activities for the firm. PKS currently has a presence nationwide with 485 offices in all 50 states.

“Ryan and the Wentworth team fully understand and support the business we’ve built at PKS,” said J. Peter Purcell, CEO of PKS. “Their partnership will supply PKS with resources, talent and capital to pursue our vision for the firm and continue to grow in an intelligent and prudent manner. We’re delighted to announce this exciting news for our company and look forward to working with the Wentworth team.”

Monroe Capital LLC acted as sole lead arranger and administrative agent on the funding of a $43.5-million senior credit facility to support the acquisition.

Morrison Foerster and King & Spalding provided acquisition and financing counsel, respectively. The Hamburger Law Firm, Tabner, Ryan & Keniry LLC and Jackson Lewis advised PKS.

About Wentworth

Wentworth Management Services LLC (“Wentworth”) is a holding company that acquires and manages businesses in the wealth management industry. The company specializes in consolidating independent broker-dealers to capture economies of scale needed to service financial advisors in today’s technology-enabled regulatory environment. Wentworth’s core philosophy focuses on building long-term, productive relationships with its advisor base. The firm also includes a dealer manager business, investment banking division and a wholesale distribution division. For more information, see www.wentworthms.com.

About PKS

Purshe Kaplan Sterling Investments (“PKS”) is a full-service broker/dealer and financial services firm headquartered in Albany, New York. The firm traces its roots to 1993 when it began as a regional brokerage firm. PKS has grown substantially over the past decade and now has 485 offices in all 50 states. PKS clears its trades through National Financial Services LLC, offering state-of-the-art products and technology to its Registered Representatives. In addition, PKS provides access to every major investment company, hundreds of variable annuity products and access to some of the top professional money managers in the country. PKS is committed to providing its Registered Representatives with the freedom to offer clients a full spectrum of investment choices. PKS does not own investment products. The absence of proprietary products coupled with unrestricted access to investment products provides the firm’s Registered Representatives with the flexibility to help clients achieve their investment objectives. For more information, see www.pksinvest.com.

About Monroe Capital

Monroe Capital LLC (“Monroe”) is a private credit asset management firm specializing in direct lending and special situations investing. Since 2004, the firm has provided private credit solutions to borrowers in the U.S. and Canada. Monroe’s middle market lending platform provides senior and junior debt financing to businesses, special situation borrowers and private equity sponsors. Investment types include unitranche financings; cash flow, asset based and enterprise value based loans; and equity co-investments. Monroe is committed to being a value-added and user-friendly partner to business owners, senior management and private equity sponsors. The firm is headquartered in Chicago and maintains offices in Atlanta, Boston, Dallas, Los Angeles, New York, and San Francisco. Monroe has been recognized by Global M&A Network as the 2017 Small Middle Markets Lender of the Year; Private Debt Investor as the 2016 Lower Mid-Market Lender of the Year; M&A Advisor as the 2016 Lender Firm of the Year; and the U.S. Small Business Administration as the 2015 Small Business Investment Company (SBIC) of the Year. For more information, please visit monroecap.com.

Media Contacts:

Katharine Sargent
JConnelly
(646) 922-7774
ksargent@jconnelly.com

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SOURCE Wentworth Management Services, LLC

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