PNC to Buy IPO Consulting Firm in Connecticut

PNC Financial Services in Pittsburgh has agreed to buy Solebury Capital Group.

Solebury is a consulting firm in Stamford, Conn., that focuses on taking companies public. Fred Solomon, a PNC spokesman, said the deal should close Wednesday.

Solomon did not disclose the financial terms, but said the $316 billion-asset company doesn't expect the cost to be material.

The acquisition would strengthen the services offered by Harris Williams & Co., PNC's investment advisory business. "What it will do is enable PNC to offer advisory services to private-equity sponsors without offering credit," Solomon said.

In addition to its consulting business, Solebury provides investor relations services, including analyst outreach and investor communications.

Solebury did not immediately respond to a request for comment.

The news was first reported by the Pittsburgh Tribune.

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