Janney Montgomery Acquires Investment Banking Platform

Janney Montgomery Scott LLC, a Philadelphia-based asset management firm, has agreed to acquire TM Capital, a middle market investment bank focused on M&A advisory across business services, industrials, healthcare and consumer sectors.

Financial terms of the deal, which is anticipated to close by the end of the year, were not disclosed.

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.

“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,” said Joe Culley, head of the capital markets group at Janney.

At closing, TM Capital will continue to operate under its brand with James Grien and Jarrad Zalkin of TM Capital co-leading the business. Grien will hold the additional title of vice chairman of Investment Banking. Both will report to Matt Veneri, head of Investment Banking at Janney.

Janney is a wholly owned, independently operated subsidiary of The Penn Mutual Life Insurance Company.

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.