LPL Financial Holdings Inc. agreed to acquire Lakeland, Fla.-based registered investment adviser Allen & Co. of Florida Inc.

Allen & Co. has about 30 advisers and $3 billion in client assets. LPL Financial will bring on the firm's advisers and staff and maintain its operations and brand. Client assets will onboard with LPL Financial's custodial platform.

In addition to the undisclosed initial purchase price, the deal includes a potential contingent payment based on the part of Allen & Co.'s client assets brought onboard to LPL Financial's platform above a certain threshold. LPL Financial expects a transaction multiple of about 7x post-synergy EBITDA.

The deal is expected to close by the end of the year.