Deloitte Corporate Finance has acquired McColl Partners, a middle-market investment bank founded by retired Bank of America Chief Executive Hugh McColl.
Deloitte bought substantially all of Charlotte, N.C., investment bank's assets and will add roughly 70 members of its professional staff, including 13 managing directors. Deloitte did not disclose how much it paid for the firm.
Hugh McColl will join Deloitte Financial Advisory Services, the parent of Deloitte Corporate Finance, as a senior advisor. McColl founded the investment bank in 2001, shortly after leaving Bank of America (BAC). The investment bank has offices in Atlanta, Dallas and Los Angeles in addition to its Charlotte headquarters. Its sale was reported to be close last week.
"After founding McColl Partners and working hard with my teammates to build it over the years, I'm confident that Deloitte Corporate Finance is now positioned to become a leading middle market M&A advisor in the United States with a global reach that is truly unique," McColl said in a press release Monday.
"Middle-market M&A represents a significant growth opportunity for Deloitte and our clients," Davis Williams, Deloitte Financial Advisory Services' CEO, said in the release. "The addition of McColl Partners' professionals bolsters the sophisticated investment banking advisory services we provide our large corporate clients as they pursue strategic [midsize] deals in both domestic and global markets and middle-market clients seeking access to global markets or who are engaged in 'life event' transactions."