Lakeland’s Allen & Company, which was founded in 1932 and calls itself Florida’s oldest investment firm, has signed an agreement to be acquired by LPL Financial of Boston, according to an LPL news release and a report by Financial Advisor IQ.

The local firm’s roughly 30 investment advisors overseeing $3 billion in assets will become LPL employees but will continue to work under the Allen & Company branding, LPL said in an announcement issued this morning.

“Allen & Company client assets will onboard with LPL’s custodial platform,” LPL said in its news release.

The deal is expected to close by the end of the year, subject to regulatory approval.

Allen & Company “will maintain our brand and all our associates and offices,” Senior Vice President Keith Albritton said.

“While the financial terms of the agreement have not been disclosed, the deal provides for an initial purchase price and a potential contingent payment above a specified threshold,” Zacks Equity Research reports. “The payment will be based on the portion of Allen & Company’s client assets that are onboard LPL Financial’s platform. Per the company, this will likely come to seven times the ‘post-synergy’” EBITDA.”

Allen & Company’s headquarters on South Florida Avenue at Ariana Street

“We are fortunate to have been able to support thousands of clients over the past eight decades, and we are ready to take our business to the next level,” Ralph Allen, Chairman of Allen & Company said in a prepared statement. “Partnering with LPL provides us enhanced investment and technology platforms so that we can continue to focus on serving our clients and their families. We are excited to use the strength of LPL’s advisory and centrally managed platforms, open-architecture product offering, and integrated clearing capabilities. Most of all, we look forward to being a part of the LPL team that is committed to helping their advisors and clients succeed.”

The purchase agreement was signed last Friday.

Shares of LPL Financial have increased 38.2 percent over the past six months against 2.1% decline in the industry as a whole, Zacks reports.

With offices in Lakeland, Winter Haven and Viera, Allen & Company has 22 investment advisors at its Lakeland office at South Florida Avenue and Ariana Street, according to its website.


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Barry Friedman founded in 2015 as the culmination of a career in print and digital journalism. Since 1982, he has used the tools of reporting, editing and content curation to help people in Lakeland understand their community better.

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1 Comment

  1. Good article. I thought this would be in today’s Ledger but you seem to have beaten them to it. I am at client at Allen & Co so this is important to me.

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