KeyBanc Capital Markets Inc., the corporate and investment banking unit of KeyCorp, has agreed to acquire Cain Brothers & Company, LLC, a healthcare focused investment banking firm. Following the closing of the deal, Cain Brothers will become a division of KeyBanc Capital Markets.
Founded in 1982 and headquartered in New York City, Cain Brothers employs 100 people and is ranked as a top middle market healthcare M&A investment banking firm for both corporate and tax-exempt entities. The firm is known for its connections and experience with healthcare providers, healthcare services and life sciences/medical technology.
KeyCorp is headquartered in Cleveland and the parent of regional banking company Key Bank which has branches in 15 states.
The purchase of Cain Brothers will significantly expand Key’s existing healthcare investment banking group. Healthcare is the largest sector of the U.S. economy, and the acquisition presents a significant opportunity to further deepen Key’s impact with clients delivering Cain Brothers’ distinctive capabilities and leveraging its broad network.
“I am pleased to welcome the Cain Brothers team to Key. This combination brings Key’s expanded capabilities together with Cain Brothers’ deep healthcare advisory and public finance practice, along with a shared client-focused culture embedded in each firm.” said Co-head of Key Corporate Bank and President of KeyBanc Capital Markets, Randy Paine. “I am confident that our combined team will provide an unmatched level of healthcare knowledge and execution capabilities to help our clients achieve their strategic objectives in what is an evolving and dynamic healthcare marketplace.”
“We’re very excited to join KeyBanc Capital Markets,” said President and CEO of Cain Brothers, Robert J. Fraiman, Jr. “Key’s established, integrated corporate and investment banking platform will allow us to bring enhanced capabilities to our clients, further improving our value proposition. At the same time, we look forward to bringing our knowledge and capabilities to Key’s extensive healthcare services and provider client base. I’m proud of what we have achieved and confident that our people and capabilities are a natural complement to Key’s team and the bank’s strengths and strategy.”
Jim Cain, Co-Founder of Cain Brothers, said: “My late brother Dan and I are very proud of the Cain Brothers platform, our team and the clients we have assisted over the years. As when we transitioned the leadership of Cain Brothers to Rob Fraiman and our other senior officers, I am confident that our combination with Key will bring a new chapter of growth for Cain Brothers. I look forward to the continued success of the firm serving our valued healthcare clients.”