November 8, 2023
PHILADELPHIA – Janney Montgomery Scott LLC, a leading full-service wealth management, capital markets, and asset management firm, announced today that it has agreed to acquire TM Capital, a premier middle market investment bank specializing in M&A advisory across the business services, industrials, healthcare, and consumer sectors. TM Capital has 17 managing directors and nearly 50 total employees with offices in Atlanta, Boston, and New York City.
The acquisition continues the growth of Janney’s Capital Markets Group by building on the 2022 lift out of 21 professionals from Boenning & Scattergood and the addition of several senior bankers this past year. Additionally, the acquisition of TM Capital solidifies Janney as one of the largest investment banks in Atlanta, following the firm’s acquisition of FIG Partners in 2019.
“We’re excited to welcome TM Capital to Janney. The tenured team brings nationally-recognized experience in complementary and additive business lines to our existing Investment Banking practice, including greatly expanding our private equity client base. Their strong reputation will be an immediate value add to our business,” said Joe Culley, Head of the Capital Markets Group at Janney. “We see a distinct opportunity to partner with boutique investment banking firms looking to scale, and we’ll continue pursuing acquisitions, lift outs, and strategic hires over the next several years.”
The transaction is subject to regulatory approval and anticipated to close by year-end. At closing, TM Capital will continue to operate under its brand with the team intact. James Grien and Jarrad Zalkin of TM Capital will co-lead the business with James holding the additional title of Vice Chairman of Investment Banking. Both will report to Matt Veneri, Head of Investment Banking.
“We’re thrilled to join forces with Janney, a firm that shares our cornerstone values and vision. Janney brings us immediate scale and important resources to further enhance our client relationships. Together, we offer a more diverse set of products and services across a combined eight industry verticals in which we have proven domain expertise. We’re looking forward to exceeding expectations and achieving new levels of success as part of the Janney team,” said James Grien, President and CEO of TM Capital.
“This acquisition showcases our strategic plan in action – two firms with shared values and similar cultures coming together to enhance their businesses and better serve their clients. The TM Capital team brings more than 325+ years of combined experience and a mutual standard of excellence. We couldn’t ask for a better partner,” said Matt Veneri, Head of Investment Banking at Janney.
Janney’s Capital Markets Group consists of more than 200 professionals who provide investment banking, equities, and fixed income expertise to corporate, institutional, and municipal clients. Janney has consistently ranked as one of the top middle-market capital markets firms in the U.S. and has completed 283 capital markets and M&A transactions aggregating $46.5 billion in value over the last three years.
TM Capital has completed nearly 60 M&A and private capital transactions from 2021-2022, aggregating $5.8 billion in value, and over 450 transactions since their founding in 1989.
Blank Rome and Sidley Austin acted as legal advisors to Janney in connection with the transaction. Houlihan Lokey acted as financial advisor and King & Spalding acted as legal advisor to TM Capital.
About Janney Montgomery Scott LLC
Janney is a leading full-service wealth management, capital markets, and asset management firm dedicated to putting client needs first. We are committed to providing individuals, families, businesses, and institutions with tailored financial advice to help reach their personal or business goals.
We focus on building strong relationships, supported by a foundation of trust and performance. With a history of strength and stability, an ability to execute, and a culture of service and collaboration, we continue to deliver on our mission of offering the highest standard of success in financial relationships.
Janney is a wholly-owned, independently operated subsidiary of The Penn Mutual Life Insurance Company, a member of the Financial Industry Regulatory Authority, the New York Stock Exchange, and Securities Investor Protection Corporation. Additional company information is available at www.www.janney.com.
About TM Capital
Founded in 1989, TM Capital is the client-first investment banking team advising industry-leading companies across North America and around the world. In everything we do, our professionals share a relentless commitment to engineering extraordinary outcomes with an unmatched standard of client care. Over the last three decades, we have completed over 450 transactions with a combined value of $30 billion. With offices in Atlanta, Boston and New York, our mission critical capabilities include: complex mergers and acquisitions; debt and equity financings; minority and majority recapitalizations; restructurings; and board advisory services. TM Capital is also a member of Oaklins, the world's most experienced mid-market M&A advisor, with over 850 professionals and dedicated industry teams in more than 45 countries, having closed 1,700 transactions in the past five years. For more information, please visit www.tmcapital.com.
