PNC Bank To Acquire Trout Group; Terms Not Disclosed - Quick Facts

(RTTNews) - PNC Bank, a member of PNC Financial Services Group Inc. (PNC), said it has agreed to acquire Trout Group LLC, an 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.

Terms of the deal, which is expected to close in late December, were not disclosed.

Upon the closing of the acquisition, Trout will be combined with Solebury Communications, a wholly-owned subsidiary of PNC. The merged entity will provide 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. Solebury Trout will maintain its affiliation with Solebury Capital, an equity capital markets advisory firm in the U.S.

PNC noted that the acquisition of Trout Group is another significant step in its strategy to build a major communications and advisory practice to provide long-term relationship-based advice to its constituents.

Solebury Trout will retain the Founder and 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, Ted Hatfield and Victor Cohn.