Tax prep firm Gilman Ciocia has been acquired by the investment banking and asset management firm National Holdings.
National Holdings and Poughkeepsie, N.Y.-based Gilman Ciocia have entered into “a definitive merger agreement to create a diversified investment bank and independent broker-dealer with broad financial product and service offerings catering to retail and institutional clients,” according to the statement from New York- and Boca Raton, Fla.-based National.
GC shareholders will receive up to 24 million shares of National Holdings common stock. Michael Ryan, CEO of Gilman Ciocia, said the deal will “allow Gilman Ciocia to continue to focus on its core strengths in the financial services sector while offering clients a broader array of products and services.”
GC has 26 company-owned offices in New York, New Jersey and Florida, provided financial planning services through 26 independent in eight states and had $37 million in revenue and $3 billion in client assets last year, according to National and published reports.
The combined company will offer retail brokerage, corporate finance, sales and trading, asset management, financial planning, market making, tax prep, insurance and annuities and research.
The merger is subject to approval by GC’s shareholders and is expected to close during National’s late fiscal fourth quarter or early fiscal first quarter.