Independent broker/dealer LPL Financial has agreed to buy the assets of broker-dealer and RIA E.K. Riley Investments, which serves individuals, affluent families, and business owners.

The companies did not divulge the deal value.

However, the acquirer disclosed that the deal includes a payment at closing in the second half of this year along with potential contingent payments.

The takeover of Seattle-based E.K. Riley will add $2bn in client assets to LPL and increase its adviser headcount by around 35.

E.K. Riley president Brian Bertsch said: “We chose to partner with LPL as a result of the overall cultural similarities between our two organisations.”

LPL anticipates a transaction multiple of around six times post-synergy EBITDA.

Referring to the E.K. Riley team, LPL managing director and divisional president, Business Development, Rich Steinmeier said: “They share our commitment to clients and passion for independence.

“We are committed to their success, offering the benefits of LPL’s scale as well as access to integrated technology, an innovative wealth management platform and resources to help them run efficient and productive businesses. We look forward to a long-lasting partnership.”

The latest deal is LPL’s second purchase in a month.

This April, LPL entered into an agreement to acquire Lucia Securities, a San Diego-based broker-dealer and RIA with $1.5bn in client assets and 20 advisers.