M.R. Beal & Co.’s acquisition of Jackson Securities LLC will combine two of the U.S. municipal- bond market’s black-owned investment banks and boost Beal’s business in the Southeast.
M.R. Beal said yesterday it would acquire Jackson Securities, founded by Maynard Jackson, the late former mayor of Atlanta. The merger will allow M.R. Beal, which is based in New York and has offices in Illinois, Texas and California, to expand into Georgia and Florida, said Stanley Grayson, M.R. Beal’s chief operating officer. Terms weren’t disclosed.
“This gives us a real solid beachhead in the Southeast,” said Grayson, a former New York City deputy mayor, in a telephone interview. “They’ve been around for a number of years, so they’ve got relationships all over the country.”
M.R. Beal, founded in 1988 by Chief Executive Officer Bernard Beal, acquired Jackson Securities from Atlanta Life Financial Group, a 107-year-old black-owned insurance and asset- management firm.
“Jackson’s parent has great relationships both on the corporate and municipal side, and their willingness to lend that leverage to us in our new business efforts is a huge plus,” Grayson said.
M.R. Beal employs about 40 bankers, traders and operations staff, Grayson said. Jackson Securities employs about 20.
Maynard Jackson, Atlanta’s first black mayor, founded Jackson Securities in 1987 after serving two terms from 1974 through 1982. He later served a third term from 1990 to 1994.
Jackson played a prominent role in the expansion of Hartsfield Atlanta International Airport, which became the world’s busiest. To honor Jackson after he died in 2003, Atlanta’s City Council renamed the airport Hartsfield-Jackson Atlanta International Airport.
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