Chinese investment bank ARC Group has brokered a deal to purchase an undisclosed stake in American private equity and advisory firm Luminous Capital.
Founded in 2019, Luminous Capital currently has offices in New York, Toronto, and Denver.
Acquisition of the controlling profit-sharing stake in Luminous Capital will boost ARC Group’s presence in the global financial advisory and management consulting market.
It will also give ARC Group a base in New York City and enable it better serve its customers and investors in the US.
The acquired company helps ARC Group’s financial platform with its private equity and advisory capabilities across different sectors, including legal cannabis industry.
Through the deal, both firms aim to achieve synergies in various verticals such as mergers and acquisitions (M&A), capital markets advisory, financing, operational restructuring along with private equity.
Luminous Capital partners John Darwin and Joshua Mann will join ARC Group as managing directors while Mac McDonald will join the firm as senior vice president.
ARC Group president Sergio Camarero said: “This is another key milestone in our growth strategy. Luminous Capital gives us a US presence in the financial hub of the world – New York City.
“We have worked with the Luminous team on their SPAC and observed the excellence and integrity their team brings to their advisory and investing practice.
“Luminous Capital is a step further in building out the ARC platform as we look to become an international financial institution strengthening the opportunities between Asia and the rest of the world.”
Last month, ARC Group entered into a deal to buy cross-border consultancy Asia Perspective for $12.8m.