D.A. Davidson & Co. last week finished acquiring the assets of the Kirkpatrick Pettis family of companies, a fixed-income broker-dealer and investment adviser based in Denver and Omaha.
In early November, chairman Ian B. Davidson announced the firms intent to acquire Kirkpatrick Pettis to build its institutional client base and boost its underwriting and trading capabilities.
D.A. Davidsons fixed-income capital markets group provides public finance banking and advisory services, sales, and trading in both the taxable and tax-exempt sectors. In addition, the group provides investment products and advisory services to public and private sector clients and nonprofit institutions.
According to a statement the firm released earlier this week, the acquisition expands the traditional operating markets of D.A. Davidson moving the company from its traditional seven-state region to a broader regional presence.
D.A. Davidson will continue to operate from its established fixed-income offices at its headquarters in Great Falls, Mont., as well as Seattle; Portland; Spokane; and Bozeman, Mont.
It is retaining the existing Kirkpatrick Pettis offices in Omaha, Denver, Pittsburgh, Chicago; Kansas City, Mo., Orlando, Fla., Lincoln, Neb., and Norman, Okla. In addition, the firm operates brokerage offices in Colorado, Idaho, Montana, Oregon, Utah, Washington, and Wyoming.
The assets of Kirkpatrick, Pettis, Smith, Polian Inc. and Kirkpatrick Pettis Investment Management Inc., as well as the stock of Kirkpatrick Pettis Capital Management Inc., were included in the acquisition. All were previously subsidiaries of Mutual of Omaha, which sold the Kirkpatrick Pettis companies when it decided to focus on its core insurance business.
L.C. Jack Petersen, previously president and chief executive officer of Kirkpatrick, Pettis, Smith, Polian, has been named vice chairman of D.A. Davidson as part of the acquisition, the statement said.
Sam Doyle, previously executive vice president of fixed-income capital markets and public finance for Kirkpatrick Pettis, is jointly overseeing the new fixed-income group and has joined the D.A. Davidson board of directors. He will co-manage the fixed-income group with senior vice president Kreg Jones, managing director of fixed-income capital markets for D.A. Davidson.
The transaction was finalized on Dec. 31.
