Peapack-Gladstone Financial in Bedminster, N.J., has agreed to buy Murphy Capital Management in Gladstone, N.J.
The $4 billion-asset Peapack-Gladstone said in a press release Friday that it expects the deal to be immediately accretive to earnings after upfront transaction costs. The company did not disclose the price it will pay as part of the all-cash deal.
The deal is expected to close in July or August.
Murphy Capital, which has about $850 million in assets under management, focuses on high-net-worth individuals, businesses, corporations and nonprofits.
"We have found what we feel is the perfect match with MCM and are thrilled this leader in the wealth management space, that shares our geography, will partner with us by joining our private wealth management team," Doug Kennedy, Peapack-Gladstone’s president and CEO, said in the release.
Murphy Capital will operate as a unit of Peapack-Gladstone's bank. John Murphy, the asset manager's founder and managing partner, will remain its president.
Peapack-Gladstone was advised by Park Sutton Advisors and McElroy, Deutsch, Mulvaney & Carpenter.