CHICAGO -- Clayton Brown & Associates' Miami office has been transferred to Rauscher Pierce Refsnes Inc. as a result ordain Bosworth Inc.'s acquisition of Clayton Brown.
In addition, Dain Bosworth has decided to close Clayton Brown's public finance offices in Dallas; Tallahassee, Fla.; and Bloomington Hills, Mich.
Minneapolis-based Dain Bosworth announced Tuesday that Rauscher Pierce, its Dallas-based sister firm, will acquire Clayton Brown's public finance office in Miami for undisclosed terms.
Joining Rauscher Pierce are vice presidents Michael Abrams and Percy R. Aguila Jr. According to a press release from Dain Bosworth, the office will assume Rauscher Pierce's name next month.
The transfer of the Miami office follows the sale earlier this month of Clayton Brown's public finance office in Milwaukee to Chicago-based Griffin, Kubik, Stephens & Thompson Inc.
After announcing on Sept. 15 that it has a definitive agreement to acquire Clayton Brown, Dain Bosworth officials said they were reviewing the fate of Clayton Brown offices, aside from the Chicago headquarters and New York City office.
Nelson D. Civello, an executive vice president and director of the fixed-income group at Dain Bosworth, said yesterday that closure of the Dallas, Tallahassee, and Bloomington Hills offices will be effective early next month. The closings affect four public finance professionals, as well as some support staff, he said.
Clayton Brown's employee shareholders are scheduled to vote on the acquisition by Dain Bosworth on Oct. 7. The deal is expected to be completed for a cash price of $25 million.
-- Karen Pierog