CHICAGO — Public Financial Management Inc., the country's largest municipal financial advisory firm, said Monday it is acquiring long-time Michigan advisory firm Stauder, Barch & Associates. Terms of the deal, including price, were not announced.
"This acquisition will allow the combined resources of the firms to provide extended financial advisory services to government and non-profit entities in the state of Michigan, as the combined group of Michigan-based professionals represents over 170 years of experience in a broad spectrum of public finance," PFM said in a press release.
Stauder, Barch & Associates is the oldest and largest independent advisory firm in Michigan and consistently among the top five advisory firms in the Midwest.
President Richard Barch will join PFM in an advisory role, PFM said. Barch was one of the founders of the agency in 1968.
Paul Stauder, who joined the firm in 1977, will join PFM as a managing director. Stauder also is one of the financial advisors to the Michigan Finance Authority, the state's main borrowing arm.
Robert Naughton will become a director.
The group will remain in Ann Arbor.
"It not only enhances PFM in the Michigan marketplace, but also strengthens our client service and value-added service capabilities throughout the region," PFM managing director Kari Blanchett said in the press release.
PFM last week announced the hire of Michigan public finance veteran Dale Deis to the Ann Arbor office. Deis joined from Municipal Financial Consultants Inc.
Stauder, Barch was the fourth largest FA in the Midwest in 2014, according to data from Thomson Reuters, advising on $2 billion of transactions.
PFM was the top advisor in the region last year, advising on transactions valued at $8.2 billion.
Philadelphia-based PFM is financial advisor to Wayne County, Detroit Public Schools, the Michigan Department of Transportation, among others.
The firm ranked first in all financial advisor categories for the first quarter of 2015. It finished the first quarter advising on 235 sales with a value of $15.28 billion, for a market share of 18.2%.