Deloitte buying advisory firm McColl Partners

Monday, June 10th, 2013 | Finance News

NEW YORK (Reuters) - Accounting and financial services firm Deloitte LLP struck a deal on Monday to buy boutique mergers and acquisitions advisory firm McColl Partners LLC in a bid to strengthen its position as an adviser on middle-market deals.

The acquisition will double the size of Deloitte Corporate Finance, the Deloitte Financial Advisory Services unit that is buying McColl Partners, the company said. It did not disclose the value of the deal.

Hugh McColl - the former Bank of America chairman and chief executive who founded the firm with six other bankers 12 years ago - will work with Deloitte Financial Advisory Services as a senior strategic advisor.

Deloitte said the McColl deal will allow Deloitte Corporate Finance to add a team of nearly 70 professionals, including 13 managing directors.

It said Kevin Flanagan, the national managing director of Deloitte Corporate Finance, will continue to lead the business.

(Reporting by Michael Erman; Editing by Chris Reese)