On July 2, 2019, Pinnacle Bank, a wholly-owned subsidiary of Pinnacle Financial Partners Inc. (NASDAQ: PNFP), acquired Nashville, Tennessee-based Advocate Capital Inc. for $59.0 million of cash consideration. Mercer Capital served as the exclusive financial advisor to Advocate Capital.
Advocate Capital, which was founded in 1999, is a commercial finance firm that supports the financial needs of legal firms through case expense financing and working capital lines of credit.
Pinnacle Financial Partners provides a full range of banking, investment, trust, mortgage, and insurance services designed for businesses and individuals interested in a comprehensive relationship with their financial institution. The firm was ranked as the No. 1 bank in the Nashville/Murfreesboro/Franklin MSA, according to 2019 deposit data from the FDIC.
Jeff Davis, Managing Director of the Financial Institutions Group of Mercer Capital, commented, “Mercer Capital had worked with Advocate Capital on multiple occasions since the company was founded. The value proposition the company presents to its clients is compelling. We were honored to serve as financial advisor and know that the company has a great future as part of the Pinnacle team.”
Mercer Capital has provided business valuation, M&A and other financial advisory services to clients across the nation for more than 35 years. For more information, contact Jeff Davis.