Memphis, Tenn.-based MK Holding Inc., the parent of investment banker Morgan Keegan & Co., has purchased upstream A&D advisory firm Albrecht & Associates Inc., Houston, from Compass Bank. Terms were not disclosed. MK Holding Inc. is owned by Regions Financial Corp. (NYSE: RF). Chip Grayson, executive director of Morgan Keegan's investment-banking division, says, "This acquisition adds value both as a stand-alone operation and as an opportunity to expand the services Morgan Keegan can offer to clients in the energy industry. At the same time, Morgan Keegan's public equity and mergers and acquisition experience can benefit Albrecht's clientele. We believe this is a win-win combination for both firms." Founded in 1987, Albrecht & Associates has handled E&P asset divestments of between $2 million and more than $500 million. Compass Bank, which bought the firm in the latter part of the 1990s, has divested the successful business unit due to the E&P asset-brokerage marketplace's lumpy revenue stream. Bob Albrecht, president and founder, and Harrison Williams, executive vice president, will continue with the firm under a multi-year contract. "Both Harrison and I are delighted to be associated with Morgan Keegan," says Albrecht. "We hope our new partnership has an immediate and positive impact on both of our businesses." The deal represents a continuation of the trend of investment bankers' combination with upstream asset-divestment firms. Others include the combinations of Jefferies & Co. with Randall & Dewey Inc. and Petroleum Place Energy Advisors with Tristone Capital Inc. Also, investment banker Simmons & Co. International is in an alliance with asset-broker Griffis & Associates. Reportedly, the combinations result in A&D advisory with both financial and technical expertise. -A&D Watch
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