Indian financial services firm Avendus has struck a deal to purchase the Institutional Equities business of brokerage Spark Capital.
Financial terms of the transaction, which is pending regulatory clearance, were not shared.
The business being acquired has a workforce of around 80, serving more than 400 institutional clients over the past 15 years.
KKR-backed Avendus plans to invest significantly in the business to support its growth as a market leader.
Spark Capital managing director and head, of Institutional Equities Ganeshram Jayaraman said: “Avendus, as a knowledge-led financial services firm is a solid strategic fit to our growth objectives, sectoral strengths and team culture.
“The Institutional Equities team is excited by the prospects of working under the Avendus umbrella in its ensuing growth phase and believes that this can catapult us into the next orbit.”
Jayaraman will retain leadership of the team.
Avendus Capital co-founder and CEO Gaurav Deepak said: “We always want to bring the best to our clients and after careful consideration we have partnered with Spark’s management team. Their focus on knowledge, excellence, talent and doing the right thing resonates very much with our DNA.
“With this partnership, we will be significantly enhancing our service offerings to our Investment Banking and Wealth clients.” Avendus Group offers investment banking, wealth management, credit solutions and asset management services, with a footprint across India, US, UK and Singapore.