PFM Acquires Fullerton & Friar

PHILADELPHIA, April 9 /PRNewswire/ -- PFM Group, (www.pfm.com) the nation's leading provider of independent financial advisory services to state and local governments and their agencies, announced today that it has acquired the nation's foremost airport finance consulting firm.  Fullerton & Friar, with dual headquarters in the Tampa Bay area in Florida and the Denver, Colorado area, has provided consulting services and strategic advice to airport clients for over twenty years. Its partners, Robert Friar and Kenneth Fullerton, are recognized and highly respected industry leaders

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"Fullerton & Friar has an outstanding reputation as specialists in all aspects of airport finance and strategic planning," noted F. John White, Chief Executive of The PFM Group.   "As our transportation financing practice has grown in recent years, PFM has proven our commitment to this important sector, and the merger of our two firms solidifies PFM's position as a national leader in airport financing and financial planning," he concluded.

Last year, PFM ranked fourth in airport financing volume, with transactions totaling $782.5 million; Fullerton and Friar executed $425 million in volume. The two firms combined would have had the second highest volume in the nation in airport financing for 2009, at over $1.2 billion. That same combination for 2008 would have put the combined PFM and Fullerton & Friar airport practice in first place with $2.26 billion in volume. The principals of both firms believe the combination of the two practices in 2010 can improve future client services significantly.

Ken Fullerton, who co-founded Fullerton & Friar some twenty years ago with partner Robert Friar, 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 that will bring considerable additional value to both current and prospective clients," Mr. Fullerton said. "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."

Robert Friar, like Ken Fullerton an alumnus of Lazard Freres who co-founded the firm with Fullerton in 1990, agrees. "We have great respect for PFM and the terrific work they have done for clients in all aspects of municipal finance," he said. "Our cultures and firm commitment to excellence in client service are similar, and we believe this partnership will produce great growth opportunities as we go forward."

Fullerton & Friar has advised some twenty airport clients since its founding in 1990, including airport operators in Chicago, Illinois; Providence, Rhode Island; Columbus, Ohio; Memphis, Tennessee; Salt Lake City, Utah; Tampa, Florida; and many others. The firm have been advisors in 87 airport financings worth over $12 billion during that time.

"The timing is excellent for our two firms to join and move forward,"  PFM's CEO John White added. "Fullerton & Friar and its clients will be able to take advantage of PFM's broad scope of expertise in all aspects of municipal financing, as we have an outstanding network and platform in place," White noted. "As airports across the country face many economic challenges, they are re-examining their financial strategies and exploring ways to restructure their debt and review their options. Together, the professionals of PFM and Fullerton & Friar can help them do that successfully."

Kenneth Fullerton becomes a partner and Managing Director of PFM and will continue to work from an office in the Tampa Bay area, along with colleague Bill Case, who becomes a Senior Management Consultant for PFM in the same office. Case has served clients in the airport sector for almost ten years. Robert Friar will also become a partner and Managing Director of PFM and will serve clients from an office in Colorado.

PFM currently employs more than 430 professionals serving a broad base of clients from 33 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. At the end of first quarter of 2010, Public Financial Management retained its position as the top ranked financial advisor in the nation in overall new issues. In the first quarter of 2010 alone, PFM advised clients on $13.4 billion of total debt in 234 separate transactions. In addition, at year-end 2009, PFM Asset Management LLC had $37 billion in assets under management for state and local governments and non-profit institutions, and provided non-discretionary advice for an additional $2.3 billion in fixed income securities.

SOURCE PFM Group

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