KeyBanc Capital Markets announced Tuesday that it is acquiring Cain Brothers, a boutique investment bank that focuses on the health care industry.

Randy Paine, co-head of Key Corporate Bank and president of KeyBanc Capital Markets.
“This combination brings Key’s expanded capabilities together with Cain Brothers’ deep healthcare advisory and public finance practice,” said Randy Paine, the president of KeyBanc Capital Markets.

Cain Brothers, in New York, advises both for-profit and not-for-profit health care organizations on mergers and acquisitions and financing strategies.

KeyBanc Capital Markets, the investment banking arm of the $136 billion-asset KeyCorp in Cleveland, already provides investment banking services to the health care sector, as well as numerous other industries.

“This combination brings Key’s expanded capabilities together with Cain Brothers’ deep health care advisory and public finance practice,” Randy Paine, co-head of Key Corporate Bank and president of KeyBanc Capital Markets, said in a news release.

The deal is expected to close in late 2017. Financial terms were not disclosed.

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