Just a month after announcing its acquisition of San Diego-based brokerage Lucia Securities, LPL Financial said Wednesday it has agreed to purchase the assets of E.K. Riley, an independent broker/dealer and registered investment advisor in Seattle. The acquisition would add about 35 advisors and $2 billion in client assets to LPL’s platform.
The deal, expected to close in the second half of this year, was structured to include a payment at closing and potential contingent payments. LPL values the firm at six times post-synergy EBITDA.
At the end of April, LPL announced plans to acquire Lucia Securities, a San Diego-based broker/dealer founded by CEO Raymond Lucia Jr. That deal is also expected to close in the second half of this year, and would add about 20 advisors and $1.5 billion in client assets.
E.K. Riley was founded in 2002 by Edward Riley, chairman and CEO, as an employee-owned firm. The firm clears through First Clearing. The firm allowed advisors to join as W-2 employees or independent contractors. They could also start their own RIA if they chose to do so.
