Springsted Merges With Municipal Advisors

St. Paul-based Springsted Inc., the nation's ninth-largest municipal financial advisory firm, yesterday merged with Municipal Advisors Inc., a Virginia Beach, Va., financial adviser, Springsted said in a statement.

The firm said that MAI's principals, Lawrence Wales, Roger Scott, and John Maxwell, will join Springsted as senior vice presidents and will continue to work from their Virginia office, which will now carry the Springsted name.

Springsted chairman David MacGillivray said in the statement that the merger would boost the firm's efforts to build a base in the mid-Atlantic region.

In addition to its public finance work, Springsted provides services to municipalities in the management services and economic development fields. The statement yesterday said the merger would add expertise in human resources and operational management consulting.

So far this year, Springsted has served as financial adviser on 161 deals worth $1.4 billion, according to Thomson Financial Securities Data. MAI had worked on 10 deals worth $121.6 million. It ranked 114th among financial advisers nationwide.

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