The senior management team of PMA, in partnership with Estancia Capital Partners and select institutional investors, agreed to acquire PMA from the company’s owners and founding family, the latter of which includes current PMA President Michael English.

PMA is a full-service provider of comprehensive financial and advisory services to municipalities, school districts and other local government entities. Its integrated companies – Prudent Man Advisors, PMA Financial Network and PMA Securities – collectively provide cash and investment management services, administration, distribution and advisory services for local government investment pools, broker-dealer services, financial planning, bond issue advisory and other public finance services.

Estancia is a specialist private equity firm focused on lower-middle market investments in institutional quality asset management, wealth management and related business services firms.

Closing is expected to occur in the fourth quarter of 2018, subject to customary closing conditions, including regulatory approvals. Terms of the agreement were not otherwise disclosed.

“We are thrilled to have the opportunity to invest alongside our new partner Estancia and to build on our successes within a new ownership structure,” said James O. Davis, CEO of PMA. “This partnership enables us to move forward with the same client-centric focus and commitment with no disruption to our day-to-day operations. Additionally, I am confident the financial resources and industry relationships being brought to PMA through Estancia and their co-investors will further accelerate our strategic growth plans to the benefit of our clients.”

“PMA’s 35 years of demonstrated integrity, client first commitment and advocacy for public sector advancement through thoughtful financial management has made PMA a trusted resource to over 2,400 school districts and municipalities,” said Takashi Moriuchi, co-founder and managing director of Estancia. “We look forward to working with Jim Davis and his team in advancing the English family’s legacy through PMA’s next phase of growth.”

Sandler O’Neill + Partners and Kirkland & Ellis advised Estancia on the transaction. Bulkley Capital and Dykema Gossett advised PMA, while SunTrust Bank and CIBC Bank USA committed to provide debt financing.