CLEVELAND, Aug. 15, 2017 /PRNewswire/ -- KeyBanc
Capital Markets Inc., the corporate and investment banking unit of
KeyCorp (NYSE: KEY), today announced it has entered into a
definitive agreement to acquire Cain Brothers & Company, LLC, a
pre-eminent healthcare focused investment banking and public
finance firm. Following the closing of the transaction and upon
receipt of regulatory approvals, Cain Brothers will go to market as
a division of KeyBanc Capital Markets.
Founded in 1982 and headquartered in New York City, Cain Brothers is consistently
ranked as a top middle market healthcare M&A investment banking
firm for both corporate and tax-exempt entities. The firm is known
for its deep domain knowledge and execution capabilities,
particularly in healthcare providers, healthcare services and life
sciences/medical technology.
This acquisition underscores Key's commitment to creating the
premier corporate and investment bank serving dynamic, emerging
growth and middle market companies and financial sponsors. The
combined platform will significantly expand Key's existing
healthcare investment banking group in a core strategic vertical.
Healthcare is the largest sector of the U.S. economy, and the
acquisition presents a significant opportunity to further deepen
Key's impact with clients delivering Cain
Brothers' distinctive capabilities and leveraging its broad
network.
"I am pleased to welcome the Cain Brothers team to Key. This
combination brings Key's expanded capabilities together with
Cain Brothers' deep healthcare
advisory and public finance practice, along with a shared
client-focused culture embedded in each firm." said Co-head of Key
Corporate Bank and President of KeyBanc Capital Markets,
Randy Paine. "I am confident that
our combined team will provide an unmatched level of healthcare
knowledge and execution capabilities to help our clients achieve
their strategic objectives in what is an evolving and dynamic
healthcare marketplace."
"We're very excited to join KeyBanc Capital Markets," said
President and CEO of Cain Brothers, Robert
J. Fraiman, Jr. "Key's established, integrated
corporate and investment banking platform will allow us to bring
enhanced capabilities to our clients, further improving our value
proposition. At the same time, we look forward to bringing our
knowledge and capabilities to Key's extensive healthcare services
and provider client base. I'm proud of what we have achieved and
confident that our people and capabilities are a natural complement
to Key's team and the bank's strengths and strategy."
Jim Cain, Co-Founder of Cain
Brothers, said: "My late brother Dan and I are very proud of the
Cain Brothers platform, our team and the clients we have assisted
over the years. As when we transitioned the leadership of
Cain Brothers to Rob Fraiman and our
other senior officers, I am confident that our combination with Key
will bring a new chapter of growth for Cain Brothers. I look
forward to the continued success of the firm serving our valued
healthcare clients."
The transaction is subject to regulatory approval and customary
closing conditions and expected to close in late 2017. Key
was advised by KeyBanc Capital Markets Inc. Cain Brothers was
advised by Freeman & Co. Securities LLC.
About Cain Brothers:
Cain Brothers is a pre-eminent investment bank focused
exclusively on healthcare. A recognized leader in M&A Advisory,
the firm also has extensive knowledge of financing strategies and
the expertise necessary to navigate the most complex financing
transactions to meet the needs of for-profit and not-for-profit
healthcare organizations. Cain Brothers has 100 employees and is
headquartered in New York City,
NY.
About KeyBanc Capital Markets
KeyBanc Capital Markets
is a leading corporate and investment bank providing capital
markets and advisory solutions to dynamic companies capitalizing on
opportunities in changing industries. Our deep industry expertise,
broad capabilities and unique ideas are seamlessly delivered to
companies across the Consumer & Retail, Diversified Industries,
Healthcare, Industrial, Oil & Gas, Real Estate, Utilities,
Power & Renewables, and Technology verticals. With over 800
professionals across a national platform, KeyBanc Capital Markets
has more than $30 billion of capital
committed to clients and an award-winning Equity Research team that
provides coverage on over 700 publicly-traded companies. KeyBanc
Capital Markets is a trade name under which corporate and
investment banking products and services of KeyCorp and its
subsidiaries, KeyBanc Capital Markets Inc., Member NYSE/FINRA/SIPC
("KBCMI"), and KeyBank National Association ("KeyBank N.A."), are
marketed. Securities products and services are offered by KeyBanc
Capital Markets Inc. and its licensed securities representatives,
who may also be employees of KeyBank N.A. Banking products and
services are offered by KeyBank N.A.
About KeyCorp
KeyCorp's roots trace back 190 years to Albany, New York. Headquartered in
Cleveland, Ohio, Key is one of the
nation's largest bank-based financial services companies, with
assets of approximately $135.8
billion at June 30, 2017. Key
provides deposit, lending, cash management, insurance, and
investment services to individuals and businesses in 15 states
under the name KeyBank National Association through a network of
more than 1,200 branches and more than 1,500 ATMs. Key also
provides a broad range of sophisticated corporate and investment
banking products, such as merger and acquisition advice, public and
private debt and equity, syndications, and derivatives to middle
market companies in selected industries throughout the United States under the KeyBanc Capital
Markets trade name. For more information, visit
https://www.key.com/. KeyBank is Member FDIC.
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements can be identified by words
such as "outlook," "goal," "objective," "plan," "expect,"
"anticipate," "intend," "project," "believe," "estimate" and other
words of similar meaning. Forward-looking statements represent
management's current expectations and forecasts regarding future
events. If underlying assumptions prove to be inaccurate or unknown
risks or uncertainties arise, actual results could vary materially
from these projections or expectations. Factors that could cause
Key's actual results to differ from those described in the
forward-looking statements can be found in KeyCorp's Form 10-K for
the year ended December 31, 2016, as
well as in KeyCorp's subsequent SEC filings which have been filed
with the Securities and Exchange Commission and are available on
Key's website (www.key.com/ir) and on the Securities and Exchange
Commission's website (www.sec.gov). Forward looking statements
speak only as of the date they are made and Key does not undertake
any obligation to update the forward-looking statements to reflect
new information or future events.
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SOURCE KeyCorp