Stifel Financial said Monday it has acquired Stone & Youngberg LLC.
The transaction, which is expected to close Oct. 1, will combine Stone & Youngberg's institutional group with Stifel's public finance and bond underwriting expertise. The combined public finance team will be made up of over 100 professionals operating out of 16 locations across the United States.
Last year, the firms combined were book-runners on more than 500 negotiated bond issues with a par value of over $8.5 billion.
St. Louis-based Stifel said the merged firm will be one of the few investment banks that provide full sales and underwriting resources, including a national institutional fixed-income sales force and a national private client business.
"Stone & Youngberg fits very well with our overall strategy of creating the premier middle-market investment bank with the services and scale to meet our clients' growing needs," said Ronald Kruszewski, president and chief executive of Stifel Financial.
Kenneth Williams, president and CEO of San Francisco-based Stone & Youngberg said: "Our public finance clients will enjoy the benefits of greater sales distribution due to the size and strength of the Stifel private client group, along with a substantial balance sheet, while our investor clients will benefit from a stronger and more robust platform of investment opportunities to help them meet their financial goals."
