Daily News: November 28, 2017

PNC Bank to Acquire the Trout Group

PNC Bank will acquire the Trout Group, an investor relations and strategic advisory firm servicing the healthcare industry, with more than 80 clients in the life sciences, biotechnology, pharmaceutical and medical device sectors.

Among its more than 30 professionals, Trout holds key relationships with global stakeholders in the life science industry, including investors, banks and other players. Trout hosts dozens of conferences and thought leader events and is a provider of corporate access in the life science space.

Upon the closing of the acquisition, which is subject to customary conditions, Trout will be combined with Solebury Communications (a wholly-owned subsidiary of PNC), providing investor relations and strategic communications services to clients across multiple industry sectors. The combined firm will be renamed Solebury Trout Communications. Solebury Trout will maintain its affiliation with the equity markets advisory firm Solebury Capital.

The acquisition of the Trout Group is a significant step in the PNC strategy to build a major communications and advisory practice to provide long-term relationship-based advice to its constituents. Solebury is building its corporate communications practice to offer integrated strategic communications solutions for private and public company clients preparing for capital raising or facing business-related communications challenges and opportunities.

Solebury Trout will retain Founder and CEO Jonathan Fassberg, as well as the rest of Trout’s existing team. Fassberg will join Solebury Communications’ co-CEOs Jeff Grossman and Lisa Wolford to jointly lead Solebury Trout Communications. They will report to Solebury’s executive committee, headed by Alan Sheriff, Ted Hatfield and Victor Cohn.

“We are very excited about the acquisition of the Trout Group, a true leader in its space,” said Mike Lyons, executive vice president and head of PNC Corporate and Institutional Banking. “In collaboration with Solebury, the ability to offer premier investor relations and corporate communications advisory and consulting services across numerous industry verticals is a differentiating asset, and it will enhance the value we bring to our clients as they look to access the capital markets and communicate compelling stories to investors.”