DALLAS -- Cleveland-based KeyBanc Capital Markets Inc. is expanding its healthcare focus with the acquisition of public finance firm Cain Brothers & Co.
New York-based Cain, founded in 1982, specializes in the healthcare services industry, its related businesses and public finance. The firm is ranked 8th in the nation among senior managers of healthcare bonds in 2016, according to data from Thomson Reuters. The transaction reflects Key's commitment to expand its investment bank services while focusing on health care, the largest sector of the U.S. economy.
"I am pleased to welcome the Cain Brothers team to Key," said Randy Paine, co-head of Key Corporate Bank and president of KeyBanc Capital Markets, in a news release. "This combination brings Key's expanded capabilities together with Cain Brothers' deep healthcare advisory and public finance practice, along with a shared client-focused culture embedded in each firm."
“I am confident that our combined team will provide an unmatched level of healthcare knowledge and execution capabilities to help our clients achieve their strategic objectives in what is an evolving and dynamic healthcare marketplace, " Paine said.
Terms of the deal were not disclosed. At the deal's close, which is expected in late 2017, Cain will go to market as a division of KeyBanc Capital Markets.
Key said it anticipates that all client facing personnel, including Cain Brothers’ senior leadership, will join the firm. The combined platform will bring together nearly 900 professionals.
KeyBanc Capital Markets is the corporate and investment banking unit of KeyCorp. The firm is ranked 26th nationally among senior managers of negotiated bonds in 2016.
Cain Brothers & Company, LLC, is a privately held firm, formerly employee-owned and ranked 47th among senior managers of negotiated bonds in 2016.