PNC Financial Services Group is buying M&A advisory firm Fortis Advisors, making its second move in a month to strengthen its corporate banking business.
San Diego-based Fortis Advisors has been involved in more than 750 private M&A deals since 2011, representing leading venture funds, private equity funds and other shareholders.
The firm will become part of PNC Bank’s Corporate & Institutional Banking business. Terms of the acquisition were not disclosed.
“This represents our commitment to ongoing investments in our Treasury Management products and services,” Mike Lyons, head of the PNC corporate banking unit, said in a news release. “Longer-term, we see an opportunity to leverage Fortis’ distinct advisory services to develop additional capabilities that will increase both fee income and deposits.”
In a similar move, PNC last month agreed to buy Trout Group, which provides investor relations and communications services to clients in the life sciences, biotechnology, pharmaceutical and medical device industries.
As the Pittsburgh Business Times reports, the Trout deal boosted PNC’s ability to capitalize on corporate service fees and complements services that it already provides.
Fortis CEO Rick Fink will continue to operate the firm with co-founders and managing directors Adam Lezack and Ryan Simkin. “We believe this is a tremendous business opportunity to become not only part of one of the nation’s largest banks, but one which shares our culture of offering the highest level of customer service in the industry,” Fink said.
“We look forward to expanding our M&A services and product set leveraging PNC’s strong treasury management and advisory capabilities,” he added.