D.A. Davidson has agreed to buy the Los Angeles broker-dealer and money-management firm Crowell, Weedon & Co.
The deal would make the Great Falls, Mont., investment firm the largest independent broker-dealer in the western United States, it said. It is expected to close by July 1, pending regulatory approval. Terms were not disclosed.
Crowell Weedon would join D.A. Davidson's individual investor group, its largest division, which provides financial services to individuals and businesses. Crowell Weedon would retain its name and continue to operate from its offices in Los Angeles, which would become D.A. Davidson's fifth regional hub office.
Crowell Weedon's chief executive, Andrew Crowell, would continue to manage the division, and would report to Jim Kerr, president of Davidson Cos., D.A. Davidson's parent.
"This transaction marks D.A. Davidson's largest partnership to date, and is a great fit given the individual investor focus and complementary geographies and cultures of our businesses," Bill Johnstone, chairman and CEO of Davidson Cos., said in the news release.
Last year D.A. Davidson bought McGladrey Capital Markets, a boutique investment banking firm in Costa Mesa, Calif., it said.