LPL Financial (LPLA) to Acquire Lucia Securities

Leading retail investment advisory firm and independent broker/dealer LPL Financial LLC, a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ: LPLA), today announced that it has signed an agreement to acquire Lucia Securities, a broker-dealer and registered investment advisor firm headquartered in San Diego. Lucia Securities provides independent financial advice to individuals, affluent families, and business owners, with approximately 20 advisors and $1.5 billion of client assets under management.

The transaction is structured as an asset purchase agreement and is expected to close in the second half of 2020. The purchase agreement provides for both a payment at closing and potential contingent payments. The Company estimates a transaction multiple of ~6x post-synergy EBITDA.

“We are honored and excited to have this terrific group of experienced advisors joining LPL,” said Rich Steinmeier, LPL Financial managing director and divisional president, Business Development. “At LPL, Lucia Securities’ advisors and their clients will benefit from the strength and breadth of our capabilities, technology and services. We look forward to supporting Lucia Securities on the next phase of their growth."

“I believe our wealth management platform, enhanced with LPL’s culture, technology and capabilities, provides the ideal environment for our financial advisors to exceed clients’ expectations. I look forward to a successful long-term partnership,” said Ray Lucia Jr., CEO, Lucia Securities.

Raymond James & Associates acted as exclusive financial advisor to Lucia Securities on the transaction.

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