SAN DIEGO, Aug. 01, 2019 (GLOBE NEWSWIRE) -- LPL Financial Holdings Inc. (Nasdaq: LPLA) (collectively with its subsidiaries, LPL) today announced the closing of its acquisition of Allen & Company of Florida, a broker-dealer and registered investment adviser (RIA) based in Lakeland, Fla. As a result of the transaction, all 33 advisors joined LPL. Approximately $3 billion of client assets are expected to transfer onto LPL’s platform by the end of 2019.

“We are excited to welcome Allen & Company to the LPL family,” said Dan Arnold, LPL Financial president and CEO. “While working with them over the past two months, we have experienced their deep commitment to clients, high standard of performance, and the extraordinary caliber of their team. We’re honored that this terrific group of advisors joined LPL, and we are committed to providing the capabilities, technology and service to help them succeed in their next phase of growth. We also look forward to collaborating as we innovate on our new model that preserves the principles of independence and wraps them in employee services.”

“We pride ourselves on having established a firm that places a high value on employees and empowers them to provide outstanding service to clients,” said Ralph Allen, Chairman of Allen & Company. “It is humbling to have retained our entire advisor team and all of our associates through this acquisition. We are a few months into our transition, and our employees appreciate why we thought this was the right move for our firm. LPL shares our focus on people—employees and clients. And the firm’s ability to invest in technology, resources and business solutions is an advantage we experience every day, allowing us to be more efficient and have capabilities that enhance our value with clients. We look forward to the opportunities ahead as part of the LPL team.”

The purchase agreement was signed on May 17, and the transaction closed on Aug. 1, following receipt of regulatory approval. Under the transaction structure, Allen & Company advisors and staff joined LPL as employees, and Allen & Company will maintain its operations and brand. The Company estimates a transaction multiple of approximately 7x post-synergy EBITDA*.

Securities and Advisory services offered through LPL Financial, a registered investment advisor. Member FINRA/SIPC.