PNC Bank has agreed to buy The Trout Group, a New York-based investor relations and advisory firm servicing the healthcare sector, for an undisclosed sum.
Under the deal, which is anticipated to be completed in December 2017, Trout will be merged with PNC subsidiary Solebury Communications.
The combined entity will operate under the name Solebury Trout Communications, and continue to be affiliated with American equity capital markets advisory firm, Solebury Capital.
The merged group will offer investor relations and strategic communications services to clients across various sectors and have over 60 staff. Trout’s current team, including its founder and CEO Jonathan Fassberg, will retain their existing roles.
PNC Corporate & Institutional Banking executive vice president and head Mike Lyons said: “In collaboration with Solebury, the ability to offer premier investor relations and corporate communications advisory and consulting services across numerous industry verticals is a differentiating asset, and it will enhance the value we bring to our clients as they look to access the capital markets and communicate compelling stories to investors.”