PNC Financial Services Group is expanding its commercial advisory services for clients in the health care industry.
The Pittsburgh company said Monday that it has agreed to buy the Trout Group, a New York firm that provides investor relations and communications services to clients in the life sciences, biotechnology, pharmaceutical and medical device sectors.
The financial terms of deal were not disclosed. The transaction is expected to close next month, at which point PNC plans to consolidate Trout into Solebury Communications, a subsidiary that focuses on investor relations and event planning.
The combined unit will be rebranded as Solebury Trout Communications, and will employ about 60 people. Trout CEO Jonathan Fassberg is expected to join the unit’s leadership team.
Solebury Communications is division of Solebury Capital Group, a consulting firm that helps take companies public. PNC acquired the firm in 2014.
“[T]he ability to offer premier investor relations and corporate communications advisory and consulting services across numerous industry verticals is a differentiating asset,” Mike Lyons, head of corporate and institutional banking at the $375.2 billion-asset PNC, said in a press release.
PNC is counting on the acquisition to strengthen its relationships with its clients in the health and life sciences sectors. PNC has distinguished itself in recent months for its ability to expand its commercial business. Commercial loans at PNC climbed 7% during the third quarter from a year earlier, even as the broader industry struggled with a slump in business lending.
The Trout acquisition “will enhance the value we bring to our clients as they look to access the capital markets and communicate compelling stories to investors,” Lyons said in the press release.