Westport Capital Markets L.L.C. sold a 49 percent stake to MLV & Co. Financial for an undisclosed amount.
New York City-based MLV is an investment bank that was the lead underwriter on 65 transactions totaling nearly $2 billion between January 2010 and this past June, including a $10 million capital transaction by the Shelton-based networking circuitry company TranSwitch Corp. earlier this year.
MLV stated it intends to build a retail and asset management platform with Westport as its centerpiece, with additional acquisitions planned in the near term.
Founded by CEO Chris McClure in 1996, Westport provides broker-dealer and investment advisory services to wealthy investors and institutional clients.
“MLV Financial’s client-focused model and unique and extensive products mesh well with the culture that I developed at Westport Capital,” McClure said, in a prepared statement.
