RBC Capital Markets completes acquisition of Seasongood & Mayer
RBC Capital Markets today announced the completion of its acquisition of Seasongood & Mayer, LLC, the state of Ohio’s top-ranked public finance firm and leading underwriter of municipal debt. As part of the proposed deal, RBC has also acquired Seasongood Asset Management, a wholly owned subsidiary and investment advisor to public funds clients. Terms of the transaction were not disclosed.
The merger bolsters RBC Capital Markets’ leadership position in the U.S. municipal investment banking market while enhancing its overall presence in Ohio and in K-12 education finance nationally. In addition to being the top negotiated underwriter in Ohio, the combined RBC entity, based on 2006 rankings, is the #1 ranked municipal finance firm nationally in both U.S. middle market issues and the K-12 school finance sector.
“When we look at a transaction, we want to acquire a quality company with a leading position in the market and a high reputation among its peers - that’s Seasongood & Mayer,” said Larry Holtz, Head of Municipal Markets for RBC Capital Markets. “Our U.S. Municipal issuance business has more than doubled over the past decade - this deal will help fuel our momentum and further strengthens our franchise as one of the leading municipal finance platforms in the United States.”
Seasongood Asset Management currently manages $1.5 billion in assets for public fund clients in the Ohio region. The asset management portion of the Seasongood business will operate under the name RBC Public Fund Services as a joint venture between RBC Capital Markets and RBC’s Voyageur Asset Management.
“We are excited to join RBC and are looking forward to making a contribution to the continuing success of RBC Capital Markets,” said Todd Braff, head of RBC Capital Markets’ Ohio operations and a former Managing Principal of Seasongood & Mayer. “Among other benefits, the merger will allow us to better serve our clients in the state of Ohio while maintaining our longstanding leadership position.”
RBC Capital Markets municipal finance business ranked in the top five in 2006 in the states of Arizona (1st), Pennsylvania (1st), Colorado (2nd), Texas (4th) and New Jersey (5th). All five states rank in the top 15 issuer states in the U.S. RBC Capital Markets ranked eighth last year in the U.S. in senior-managed negotiated municipal bond underwriting volume. Seasongood & Mayer has been the #1 ranked municipal finance firm in Ohio for 12 consecutive years.
The transaction is the latest in a series of deals completed by RBC as it continues to build its presence in the United States and globally. RBC has made seven acquisitions in the U.S. in the past 11 months, including acquisitions by RBC Capital Markets of Carlin Financial Group, a broker-dealer known for its proprietary trade execution platform, and Daniels & Associates, the nation’s most active M&A advisor to the cable, telecom, broadcast and Internet services industries.
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