Ladenburg Thalmann of Miami announces Seattle-based acquisition

Ladenburg Thalmann President and CEO Richard Lampen
Ladenburg Thalmann President and CEO Richard Lampen
Peter Andrew Bosch / Miami Herald

Ladenburg Thalmann Financial Services, a publicly-traded, Miami-based financial services company, said Monday that it has agreed to acquire KMS Financial Services, a Seattle-based independent broker-dealer and investment advisor.

The purchase, which gives Ladenburg Thalmann a strong presence in the Pacific Northwest, is valued at $24 million. Ladenburg said it will pay $11 million in cash, $8 million of four-year notes and 1,440,922 shares of Ladenburg common stock.

The Miami company said the deal is part of its ongoing strategy to strengthen its position as an industry-leading network of independent brokerage and advisory firms and boost its market share in the industry.

Founded in 1971, KMS has 325 independent financial advisors with over $14 billion in client assets, and had $84 million in revenue for the 12 months ended June 30. Upon completion of the purchase, KMS’s management will continue to operate it a stand-alone business based in Seattle, Ladenburg said.

With the KMS acquisition and Ladenburg’s recently-announced, pending acquisition of Sunset Financial Services, Ladenburg said it will have a network of independent brokerage and advisory firms, with 3,500 financial advisors with $110 billion in total client assets. Ladenburg said it expects its annual revenues to reach $1 billion.

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