FBR Capital Markets Buys Bay-Area Banking Firm
FBR Capital Markets said today it has acquired East Peak Advisors, a California investment bank that serves companies in the information technology and telecommunications sectors. Financial terms of the deal were not disclosed.
The purchase will boost FBR Capital Markets expansion into banking for technology companies, the Arlington investment bank said in a statement.
"This acquisition allows us to provide our clients with enhanced resources and broader sector expertise, and further positions us as a leading investment bank serving the middle market," said Eric F. Billings, chairman and chief executive of FBR Capital Markets.
Started in 2002, East Peak Advisors is based in Marin County, about 10 miles from the Golden Gate Bridge. The firm's founder, David DeRuff, will join FBR Capital Markets as a senior managing director and head of technology, media & telecom investment banking.
FBR Capital Markets, a majority-owned subsidiary of Friedman, Billings, Ramsey Group, went public in June at $18 a share. Its stock has fallen sharply since, as the housing downturn and credit crunch have weighed heavily on financial stocks, and last month it said it would cut about 75 jobs.
Yesterday, shares of FBR Capital Markets gained $1.06, or 17.61 percent, to close at $7.08.
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Posted by: Jay Mann | March 30, 2008 10:02 PM
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