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Wentworth Management Services acquires Purshe Kaplan Sterling

Holding company Wentworth Management Services LLC has acquired Albany, N.Y.-based independent broker/dealer Purshe Kaplan Sterling Investments Inc.

Full terms of the deal, which closed Nov. 30, were not disclosed. Wentworth is a holding company that serves as a long-term owner and operating partner for broker/dealers and other firms in the independent wealth management space, focusing on established small- to middle-market independent broker/dealers.

Purshe Kaplan's core management team will remain in place. The deal will not affect the company's business model or operations.

Monroe Capital LLC acted as sole lead arranger and administrative agent for the funding of a $43.5 million senior credit facility to support the deal. Morrison Foerster and King & Spalding provided acquisition and financing counsel, respectively. Hamburger Law Firm, Tabner Ryan & Keniry LLC and Jackson Lewis advised Purshe Kaplan.