Subject: RCN
Moors & Cabot and Eighteen Ninety Partners, LLC Announcement
BOSTON, Nov. 2, 2022 /PRNewswire/ -- Moors & Cabot, a 132 Year-Old diversified financial services and wealth management firm headquartered in Boston with offices throughout the country, and its shareholders have closed on a transaction involving the sale of its shares to Eighteen Ninety Partners, LLC in a "management buy-out" of the current non-operating shareholders. Eighteen Ninety Partners is a limited liability corporation owned and controlled by current Moors & Cabot Executive Chairman Mark Garrett, Moors & Cabot Chief Financial Officer Mike Hildreth and Howard "Skip" Hauser. The transaction is the culmination of a strategic succession planning process launched in 2019 by current ownership for the long-term stewardship of the business.
"As we enter the next phase for our 132 year-old firm, we expect to build on the foundation that is in place today and continue to work closely with our financial professionals, support staff, and partners to continue to serve clients in the manner to which they've become accustomed," Mark Garrett, Executive Chairman, said. "This is an ownership and stewardship commitment to the stability and longevity of our company in a market that has experienced tremendous consolidation. We are entering an exciting period for Moors & Cabot as we look to scale and grow the business for the long-term."
Assisted by Berkshire Global Advisors, an investment bank, the Board of Directors and the shareholders engaged in a strategic review process and ultimately determined that the management buy-out would deliver the best possible outcome for both current shareholders' interests and limit disruption to the remaining stakeholders of M&C; its management, financial professionals, employees, and most importantly - Moors & Cabot clients.
Dan Joyce, President and CEO of Moors & Cabot, commented, "For 132 years, Moors & Cabot has managed private wealth for many families and businesses through generations. This transaction will allow us to continue the tradition of always putting the best interests of our clients front and center."
The terms of the deal are not being disclosed.
The transaction closed on October 27, 2022.
About Moors & Cabot
https://www.moorscabot.com/about
About Eighteen Ninety Partners
https://www.1890partners.com/
Moors & Cabot is an investment firm headquartered in Boston with offices throughout the country.
While Moors & Cabot's approach to wealth management is a more personal one, they are also a full service firm. Their financial products and services span the full spectrum of investment options?from financial and investment management to insurance and equity trading.
For over 130 years, Moors & Cabot has been a trusted advisor to individuals, families, businesses and institutions in building, managing, protecting and transitioning wealth.
Moors & Cabot, Headquarters: One Federal St., 19th Floor,
Boston, MA 02110. Global legal and regulatory information can be found at https://www.moorscabot.com/info-disclosures.html
Member FINRA, NYSE & SIPC
SOURCE Moors & Cabot Investments
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