Capital Financial Services Acquired
By Daniel Hays
NU Online News Service, July 10, 3:52 p.m. EST?WFG Capital Advisors LP, the Harrisburg, Pa.-based investment banking firm, has acquired Capital Financial Services, Inc., a company specializing in insurance industry mergers and acquisitions, it was announced yesterday.
Specific terms were not revealed.
The combined concern will be headed by Robert Lieblein, the managing principal of WFG with Capital Financial Services continuing as the insurance services division of WFG, according to CFS.
Steven Wevodau, president of CFS, will become a principal of WFG and also act as the managing director of the insurance services division with overall responsibility for the unit.
Mr. Wevodau said the combination of firms positions WFG "in all insurance distribution channels as one of the leading investment banking firms" in the insurance industry with specialization in the life-health and property casualty market.
He said the purchase was a merger of equity positions within the firms.
Mr. Wevodau said operating revenues from the combined entity will be approximately $4 to $6 million in the current year.
Mr. Lieblein recently led WFG's divestiture from WayPoint Bank, which held an equity position through a joint venture. The separation became effective June 30.
WFG was formed in 1996 as a boutique investment banking firm. CFS was formed by Mr. Wevodau, formerly a senior vice president with BISYS Group.
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