Business
Live Ventures Expands into Financial Services Industry with Agreement to Acquire Salomon Whitney LLC
Agreement to acquire broker-dealer, investment bank provides possible roll-up strategy for potential profitable long-term growth Upon acquisition of remaining
About this update from Live Ventures Incorporated
[{"type":"text","content":"Agreement to acquire broker-dealer, investment bank provides possible roll-up strategy for potential profitable long-term growth Upon acquisition of remaining outstanding units, consolidated revenues expected to increase approximately 10% and provide immediate boost to earnings LAS VEGAS, June 17, 2021 (GLOBE NEWSWIRE) -- Live Ventures Incorporated (Nasdaq: LIVE), a diversified holding company with subsidiaries in manufacturing and retailing, today announced that it entered into an agreement to acquire Salomon Whitney LLC, a broker-dealer operating under the name SW Financial. Live Ventures agreed to acquire 100% of the membership interests in Salomon Whitney LLC in an all-cash transaction. At the initial closing on June 14, 2021, Live Ventures acquired 24.9% of SW Financial. The acquisition of the remaining interest of SW Financial is subject to approval by the Financial Industry Regulatory Authority (FINRA) and other customary closing conditions. The acquisition further expands and diversifies the Company’s portfolio of operating subsidiaries into the financial services sector. The Company expects that as a result of this transaction and consummation of acquisition of the remaining ownership interests, its’ consolidated revenues will increase by approximately ten percent. “This acquisition will add a successful financial services provider to our portfolio of companies and provide a ‘roll-up’ strategy of similarly situated broker-dealers for Live Ventures,” said Jon Isaac, Live Ventures’ President and CEO. “SW Financial has established a successful track record that we believe is complementary to our other service offerings. In working closely with the management team, including the two principals at Salomon Whitney LLC, Thomas Diamante and Lawrence Zelin, it is apparent that our goals are closely aligned, and we believe the venture will continue to thrive under their leadership. This venture will enable us to focus on driving sustainable, profitable growth while delivering value to our stockholders.” “We are excited to join Live Ventures and their leadership team as partners for Salomon Whitney LLC,” commented Thomas Diamante, CEO of SW Financial. “We believe this collaboration will further our operations and offerings to our clients. Our businesses share complementary core values, and we believe together we are better positio...