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Boston's LPL Financial Announced in a press release on Wednesday their intention to purchase Allen & Company, one of Polk County's oldest businesses founded in 1932. LPL Financial Holdings Inc. (Nasdaq: LPLA) (collectively with its subsidiaries, “LPL”), has entered into a definitive purchase agreement to acquire Allen & Company, and Lakeland based broker/dealer and registered investment adviser. Allen & Company employs approximately 30 advisors and serves approximately $3 billion of client assets. Allen & Company has been a member of the Greater Winter Haven Chamber for at least 51 years, from when they established their Winter Haven office in 1968. Read the official press release below. “We are excited that Allen & Company has chosen to join the LPL family,” said Dan Arnold, LPL Financial president and CEO. “We are focused on M&A opportunities that align with us strategically, operationally and financially, and Allen & Company is a great fit on all fronts. The firm is made up of great advisors with values similar to ours who are focused on making a positive difference in the lives of their clients, employees and the communities they serve. We look forward to working with Allen & Company on the next phase of their growth leveraging LPL’s capabilities and platform.”
“We are fortunate to have been able to support thousands of clients over the past eight decades, and we are ready to take our business to the next level,” said Ralph Allen, Chairman of Allen & Company. “Partnering with LPL provides us enhanced investment and technology platforms so that we can continue to focus on serving our clients and their families. We are excited to use the strength of LPL’s advisory and centrally managed platforms, open-architecture product offering, and integrated clearing capabilities. Most of all, we look forward to being a part of the LPL team that is committed to helping their advisors and clients succeed.” The purchase agreement was signed on May 17, 2019, and the transaction is anticipated to close by the end of 2019, subject to receipt of regulatory approval and other customary closing conditions. Under the transaction structure, LPL will onboard Allen & Company advisors and staff as employees and maintain Allen & Company’s operations and brand. Allen & Company client assets will onboard with LPL’s custodial platform. The purchase agreement provides for an initial purchase price and a potential contingent payment based on the portion of Allen & Company’s client assets that are onboarded to LPL’s platform above a specified threshold. The Company estimates a transaction multiple of ~7x post-synergy EBITDA*.
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