PFM Acquires Killarney Advisors, Inc.

PHILADELPHIA, Pa., Sept. 6, 2011 /PRNewswire/ -- The PFM Group ("PFM"), the nation's leading provider of independent financial advisory services to state and local governments and nonprofit organizations, announced today that it has acquired the healthcare specialty financial advisory firm of Killarney Advisors Inc.  Killarney Advisors, with headquarters in New York City, has provided consulting services and strategic advice to healthcare clients for over fifteen years, and its principal, Errol Brick, is a well-known and highly respected industry leader.

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"Killarney Advisors has an outstanding reputation as specialists in all aspects of healthcare finance and strategic planning," noted F. John White, Chief Executive of The PFM Group,"and Errol Brick is one of the best people in this field.  As our healthcare financing practice has grown in recent years, PFM has proven our commitment to this important sector, and the merger of our two firms is a transformative event that further builds PFM's position as a national leader in healthcare financing and financial planning," he concluded.

Last year, PFM ranked third in the entire U.S. in healthcare financing volume, with healthcare transactions totaling $2.33 billion. Killarney advised on total municipal deals valued at $728 million.  The principals of both firms believe the combination of the two practices in 2011 will both improve client services by making a broader array of expertise available to clients of both firms and will enable the combined healthcare practice to gain additional client assignments that will place PFM in an even stronger leadership position.

Errol Brick, who founded The Killarney Group in the mid-nineties and has been the driving engine in its growth since then, also sees the merger as an excellent opportunity to provide clients with a broader range of services.

"This is a very positive move for both firms," Mr. Brick said. "PFM has an outstanding level of experience, knowledge, and integrity," he noted. "In today's rapidly evolving healthcare environment, our clients need a high level of services beyond capital raising, and an alliance with The PFM Group positions us to provide that additional value to both current and prospective clients," Mr. Brick added. "We will continue to offer them our specialized experience, while being able to access the larger platform of services and professionals that PFM provides at the same time."

"We have great respect for PFM and the terrific work they have done for clients in all aspects of municipal finance," he went on. "Our cultures and strong commitment to excellence in client service are similar, and we believe this partnership will produce great growth opportunities as we go forward,"  he concluded.

Killarney has ranked among the top five healthcare advisors since the firm was founded. It counts among its clients some of the most prestigious and highly rated academic medical centers in the country, including Johns Hopkins Health System, the Maryland Health and Higher Educational Facilities Authority, Orlando Health, Inc., in Florida, and Rush University Medical Center in Chicago, among others.  The firm has been advisor in 172 financings worth over $12 billion during that time.

"The timing is excellent for our two firms to join and move forward,"  added PFM Managing Director Chris Doyle, who heads the firm's Healthcare practice. "As hospitals across the country face many economic challenges, they are re-examining their financial strategies and exploring ways to finance more efficiently and optimize their capital structures.  Together, the professionals of PFM and Killarney can help them do that successfully."

Errol Brick becomes a partner and Managing Director of PFM and will continue to work in New York City.

The PFM Group currently employs more than 445 professionals serving a broad base of clients from 30 offices located in every region of the country. The firm is well respected for providing clients with independent advisory services free of conflicts in their dealings with the capital markets. Public Financial Management, Inc., part of the PFM Group of companies, was the top-ranked independent financial advisory firm in the nation in almost every major category at June 30, 2011, according to Thomson-Reuters, advising on more than $15.5 billion of total debt in 352 separate transactions during the first half of this year alone. Since its founding in 1974, PFM has provided independent financial advisory services to local, state, and regional government and non-profit clients throughout the United States in their dealings with the capital markets. PFM Asset Management LLC (PFMAM), also part of the PFM Group of companies, is registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. PFMAM had $40.7 billion in assets under management and provided investment consulting services for an additional $19.6 billion in securities as of June 30, 2011. PFM's clients are state and local governments, non-profit corporations, pension funds, and similar institutional investors. The PFM Group of companies also provides best practices strategic consulting and pension advisory consulting services.

SOURCE The PFM Group