"Our acquisition of Capitalink furthers our long-term strategy by expanding our focus in investment banking and by building a strong presence in Florida, a key location for middle-market and emerging companies," said Dr. Phillip Frost, Chairman of the Board of Ladenburg. "Capitalink is recognized as one of the nation's top ranked middle-market investment banking firms and we are thrilled about the opportunities created by combining Ladenburg's Wall Street expertise with a proven winner in investment banking in South Florida." MIAMI, Oct 19, 2006 (BUSINESS WIRE) -- Ladenburg Thalmann Financial Services Inc. (AMEX: LTS) ("Ladenburg") announced today that it has completed the previously announced acquisition of South Florida-based Capitalink, LC, one of the nation's top-ranked middle-market investment banking firms. The addition of Capitalink, which has earned national recognition for its expertise in the broad range of independent and objective investment banking services it provides to middle-market and emerging growth companies, expands the investment banking capabilities of Ladenburg, one of the nation's oldest financial services firms.
Also, as previously announced, James S. Cassel, President of Capitalink, has been named Vice Chairman, Senior Managing Director and Head of Investment Banking of Ladenburg Thalmann & Co. Inc. ("Ladenburg Thalmann"), Ladenburg's broker-dealer subsidiary. Scott E. Salpeter and Barry E. Steiner, senior bankers at Capitalink, have been appointed Managing Directors - Investment Banking of Ladenburg Thalmann. Also, Kevin J. Gordon, John C. Mackle and Renee S. Grossman have joined Ladenburg Thalmann as Directors - Investment Banking.
"We are pleased to combine Capitalink, one of the nation's top ranked middle-market investment banking firms, with Ladenburg. The addition of Capitalink furthers our long-term strategy and significantly enhances our investment banking capabilities in Florida, a key location for middle-market and emerging companies," said Dr. Phillip Frost, Chairman of the Board of Ladenburg.
Richard J. Lampen, President and Chief Executive Officer of Ladenburg, added: "With our new headquarters in Miami and the recent acquisition of Capitalink, we will be well positioned to take advantage of the many growth opportunities in South Florida. We look forward to working with Jim and all of the talented Capitalink employees."
Mr. Cassel said, "The Capitalink team is thrilled to be part of Ladenburg Thalmann and we are confident that together we will be well positioned to provide a wide range of enhanced benefits to our current and future clients."