Miami-based firm plans to leave SSN as a stand-alone firm
By Bob Pepalis
Ladenburg Thalmann Financial Services plans to acquire Securities Services Network would bring the firm’s total number of advisers near 4,000. The $45 million purchase also would raise Ladenburg’s client assets to $125 billion and annual revenues just above $1 billion.
Under the terms of the acquisition, Miami-based Ladenburg will pay $45 million for the independent broker dealer, consisting of a $25 million cash payment and $20 million of four-year notes, according to a release on the company’s website.
“This acquisition further underscores Ladenburg’s commitment to the independent brokerage and advisory industry, which we believe is one of the sweet spots of the financial services industry,” said Dr. Phillip Frost, chairman of the Board of Ladenburg and its principal shareholder. “SSN’s culture, emphasizing support for the success of its advisors and clients, makes it a natural fit for what we are building at Ladenburg.”
The acquisition of the Knoxville-based SSN is expected to be completed by the end of this year or early in 2015.