PNC Bank today announced the entry into a definitive agreement to acquire The Trout Group, LLC, the premier investor relations and strategic advisory firm servicing the healthcare industry, with more than 80 clients in the life sciences, biotechnology, pharmaceutical and medical device sectors.
Among its more than 30 professionals, Trout holds key relationships with global stakeholders in the life science industry, including investors, banks and other key players. Trout hosts dozens of well-attended conferences and thought leader events and is a leading provider of corporate access in the life science space.
Upon the closing of the acquisition, which is subject to customary conditions, Trout will be combined with Solebury Communications (a wholly-owned subsidiary of PNC), providing investor relations and strategic communications services to clients across multiple industry sectors. The combined firm will be renamed Solebury Trout Communications, with more than 60 professionals bringing deep investor relations and sector-related communications expertise. Solebury Trout will maintain its affiliation with Solebury Capital.
Solebury Trout will retain the Founder/CEO of Trout, Jonathan Fassberg, as well as the rest of Trout’s existing team. Fassberg will join Solebury Communications’ Co-CEOs Jeff Grossman and Lisa Wolford to jointly lead Solebury Trout Communications. They will report to Solebury’s Executive Committee, headed by Alan Sheriff and Ted Hatfield and Victor Cohn.
We are very excited about the acquisition of The Trout Group, a true leader in its space,” said Mike Lyons, executive vice president and head of PNC Corporate & Institutional Banking. “In collaboration with Solebury, the ability to offer premier investor relations and corporate communications advisory and consulting services across numerous industry verticals is a differentiating asset, and it will enhance the value we bring to our clients as they look to access the capital markets and communicate compelling stories to investors.
The ability to access the resources of PNC and Solebury provides a tremendous opportunity for our clients and employees as we look to better leverage our platform, offer a deeper level of service to our clients and penetrate our healthcare and life sciences vertical even more deeply,” said Jonathan B. Fassberg, Founder/CEO of Trout. “Most importantly, I couldn’t be more excited that we found partners who share our core values, hard work ethic and culture.
We are delighted about the addition of the entire Trout team,” said Ted Hatfield, Co-CEO of Solebury Capital. “We look forward to closely working together and know that many of our clients will benefit from Trout’s expertise and relationships.
Alan Sheriff, Co-CEO of Solebury Capital, added:
Likewise we believe Trout’s clients who are seeking access to capital will find the relationship with Solebury Capital to be advantageous.
The deal is expected to close in late December. The terms of the deal will not be disclosed.