NEW YORK: In a move that strengthens the firm's North America presence, FD has acquired Ashton Partners.
With the addition of Ashton's 50 staffers, FD's total number of North American employees rises to 300. Ashton's offices in Chicago, Boston, and San Francisco will be absorbed into FD's offices.
"We've admired Ashton for a number of years, we know the principles, and admire the way they've built their business," said Declan Kelly, CEO of FD North America. "We believe it's a perfect synergistic complement."
The two firms have expertise in IR and capital markets advisory work. Ashton will keep its name and operate under the leadership of founders Elizabeth Saunders and Chris Hodges.
Ashton enlisted StevensGouldPincus (SGP) to serve as an advisor throughout the acquisition, which closed on September 28. The firm was involved with collecting feedback from FD, commenting on the initial offer, and aiding with final negotiations.
"It went along very smoothly from beginning to end," said Ted Pincus, a partner with SGP.
Pincus worked with Saunders at The Financial Relations Board.
Ashton was founded in 1997. It has since grown to a firm with $6 million in revenues.
Financial terms of the deal were not disclosed.