Bedminster, N.J.-based Peapack-Gladstone Financial Corp. agreed to acquire Gladstone, N.J.-based asset manager Murphy Capital Management Inc.
The terms of the deal were not disclosed. Following upfront transaction costs, the acquisition will be immediately accretive to Peapack-Gladstone's earnings.
As of March 31, Peapack-Gladstone has $3.95 billion in assets. Murphy Capital Management has $850 million in AUM, according to a press release.
Park Sutton Advisors LLC acted as financial adviser to Peapack-Gladstone, while McElroy Deutsch Mulvaney & Carpenter LLP served as legal counsel.