Ladenburg Thalmann Financial Services Inc. announced Monday that it has signed a definitive agreement to acquire Securities Service Network Inc., a broker-dealer, RIA and insurance agency based in Knoxville, Tennessee.
"We're really thrilled that [President and CEO Wade Wilkinson] and his management team will continue to lead SSN in the years to come," said Richard Lampen, president and CEO of Ladenburg Thalmann, to ThinkAdvisor. "It's really, for us, the perfect addition both culturally, as well as financially, to bring SSN to the Ladenburg family, and we couldn't be more thrilled about the acquisition."
Lampen also said that that the firm was thrilled about SSN's growth over the past 30 years and its commitment to helping clients reach their financial goals.
"Like all members of the Ladenburg Thalmann family, SSN will keep the caring, relationship-oriented culture that has defined it while obtaining access to a wide variety of products and services to remain competitive, meet the changing needs of clients and grow over the long term," Lampen said.
According to Lampen, Ladenburg will pay $45 million, consisting of a $25 million cash payment and $20 million in four-year notes.
The deal will broaden Ladenburg's network of independent brokerage and advisory firms.
For SSN's part, its advisors will be able to access the Ladenburg repertoire of product and service offerings, such as wealth management services through Ladenburg Thalmann Asset Management, investment banking and capital markets resources, institutional-quality equity research, a fixed-income trading desk, specialized point-of-sale support for life insurance products through Highland Capital Brokerage, and advisor-friendly trust services through Premier Trust, according to a statement.
