PNC Financial Services Group Inc. (NYSE: PNC) has acquired New York-based Solebury Capital, a 27-person boutique advisory firm.

The acquisition was announced at a time when initial public offerings are picking up steamand investment banks explore new ways to generate revenue. It also coincides with what observers believe to be a hot IPO market, especially after the $25 billion offering of Alibaba Group Holding Ltd. (NYSE: BABA).

The transaction allows PNC to break into the business of advising companies that want to go public.

Solebury, which works with large private equity groups such as Blackstone Group, has worked on several notable public debuts in its own right. They include Vitamin Shoppe Inc. (NYSE: VSI) and Dunkin Brands Group (Nasdaq: DNKN).

Pittsburgh-based PNC expects the deal to close later this week, PNC spokesman Fred Solomon stated.

While terms of the deal remain undisclosed, reports indicate that the price hovers $50 million.

Solebury, based in New York, has locations in Stamford, Conn., and New Hope, Pennsylvania. The company expands PNC's M&A advisory services. Currently, PNC advises deals solely through subsidiary Harris Williams & Co., which it bought in 2005. Harris Williams won Mergers & Acquisitions' 2013 Investment Banker of the Year Award.

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