Performance Trust Capital Partners, LLC of Chicago announced March 25 it is purchasing Banks Street Partners, LLC, an investment banking firm based in Atlanta.
Following customary approvals, BSP will join the Performance Trust team, expanding its national investment banking presence and bringing together the collective expertise to the combined company’s geographic footprint.
“The banking industry we serve is being disrupted, putting many communities and small businesses at risk. By combining our resources, collective wisdom, and insights, we believe we can provide better holistic, actionable advice to enable our clients to remain the heartbeat of their community, as they define independence for themselves. I am humbled to join forces with Lee Burrows and the strong and experienced Banks Street Partners’ team as we re-define the investment banking space together with our clients,” said Rich Berg, CEO and co-founder of Performance Trust.
The pro forma team will bring more than 300 years of combined investment banking experience and rank in the top 5 nationally, with more than 50 M&A transactions, exceeding $4 billion in aggregate deal value, completed over the last three years.
Daryle DiLascia, head of investment banking at Performance Trust, will lead the combined team. Lee Burrows will assume the role of vice chairman of investment banking and Gary McNorrill will become managing director and head of Southeast investment banking. Managing Directors Jeff Adams, Will Brackett and Andy Hitt will continue to operate in their current capacity and coverage areas, as will Director Matt Kennedy. Managing Director Mark Saunders will expand his responsibility to oversee the investment banking execution of the combined practice.
For a period of time following the transaction, Banks Street Partners will continue to operate under its name as a part of Performance Trust. The transaction is expected to close in the second quarter of 2019. Financial terms of the transaction were not disclosed.