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LPL Financial completes acquisition of Allen & Co. of Florida

LPL Financial Holdings Inc. completed its acquisition of Lakeland, Fla.-based registered investment adviser Allen & Co. of Florida Inc.

All 33 Allen & Co. advisers joined LPL Financial as a result of the transaction, which closed Aug. 1. Allen & Co. will maintain its operations and brand.

About $3 billion of client assets are expected to transfer onto LPL Financial's platform by the end of 2019.

LPL Financial estimates a transaction multiple of approximately 7x post-synergy EBITDA, according to a news release.