MUFG Union Bank in Los Angeles has bought an investment bank that focuses on middle-market clients.
The $124 billion-asset bank said in a press release earlier this week that it had acquired Intrepid Investment Bankers, a Los Angeles firm that advises clients on mergers and acquisitions and capital markets activities.
MUFG Union, a unit of Mitsubishi UFJ Financial Group, did not disclose the price it paid.
Intrepid, created in 2010, will operate under its existing name as a unit MUFG Union. Ed Bagdasarian, Intrepid’s CEO and managing director, will continue to lead the firm.
“We are very pleased to welcome the Intrepid team,” said Tim Wennes, MUFG Union’s West Coast president.
“We have shared a collaborative and productive relationship with this prestigious firm and its founding partners for more than 20 years and have seen the deep expertise and tremendous value they deliver to entrepreneurs and middle-market companies,” Wennes added.This post was originally published here