McDonald & Co. Investments, the Cleveland securities firm that KeyCorp is acquiring, said Monday that it would buy Essex Capital Markets Inc., a privately held investment firm in Rochester, N.Y.

Terms were not disclosed.

Essex would operate as a division of McDonald, which would enter Upstate New York for the first time. Essex has 55 brokers and offices in Buffalo, Syracuse, Lockport, and Jamestown, N.Y.

The three principals of Essex-John Mooney, Sam Messina, and Vincent Battaglia-will manage the division. Mr. Mooney will be the chairman; Mr. Messina, chief executive officer; and Mr. Battaglia, chief operating officer.

KeyCorp, which agreed last month to buy McDonald, has 239 KeyBank offices in New York, including 114 and more than 2,000 employees in the Buffalo, Rochester, and Syracuse markets.

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