Financial advisor to both parties
The Bank of New York to acquire Patricof & Co.
September 22, 1998 (New York, NY) - The Bank of New York Company, Inc. (NYSE: BK) today announced that its subsidiary BNY Capital Markets, Inc. has signed a definitive agreement to acquire the business of Patricof & Co. Capital Corp. a New York-based investment banking firm specializing in mergers and acquisitions, private placements and special financial advisory services.
Terms were not disclosed. The transaction does not include Patricof & Co. Ventures, Inc.
Patricof & Co. Capital Corp. will be integrated into BNY Capital Markets, Inc. and will operate from Patricof's mid-town New York location.
Gerald L. Hassell, president of The Bank of New York Company, Inc. said, "This acquisition complements our existing Section 20 products and services and enables us to provide advisory and special financing services that will be particularly beneficial to our middle market clients."
Robert B. Machinist, president of Patricof & Co. Capital Corp. said, "This is a significant step for us in our desire and ability to service the needs of the entrepreneurial business community. We look forward to adding the skills we have acquired over our 25 year history to those already available to the Bank's customers through BNY Capital Markets."