PNC Bank today announced the entry into a definitive agreement to acquire Fortis Advisors, a leading provider of private merger and acquisition post-closing shareholder representative services, having engaged in over 750 M&A transactions since 2011.
Upon the closing of the transaction, which is subject to customary conditions, Fortis will become a subsidiary of PNC Bank within its Corporate & Institutional Banking business, a leading national provider of products and services to middle market businesses.
"This represents our commitment to ongoing investments in our Treasury Management products and services," said Mike Lyons, executive vice president and head of PNC Corporate & Institutional Banking. "Longer-term, we see an opportunity to leverage Fortis' distinct advisory services to develop additional capabilities that will increase both fee income and deposits."
"We believe this is a tremendous business opportunity to become not only part of one of the nation's largest banks, but one which shares our culture of offering the highest level of customer service in the industry," said Rick Fink, CEO and co-founder of Fortis Advisors, "We look forward to expanding our M&A services and product set leveraging PNC's strong treasury management and advisory capabilities."
Adam Lezack and Ryan Simkin, the other Fortis co-founders and managing directors, along with Fink and the rest of the Fortis team, will continue to operate the business out of San Diego.
The transaction is expected to close in February, and the terms will not be disclosed.
About Fortis Advisors
Fortis Advisors is a leading provider of post-closing shareholder representative services. Private M&A deals utilize shareholder representatives, who are experts in law, accounting, finance and dispute resolution, to manage post-closing matters on behalf of selling shareholders. Fortis has represented leading venture and private equity funds, and all other types of shareholders, in hundreds of private M&A transactions.
About PNC
PNC Bank, National Association is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.
