Deloitte Buys McColl Partners

Deloitte has struck a deal to buy boutique mergers and acquisitions advisory firm McColl Partners in a bid to strengthen its position as an adviser on middle-market deals.

The acquisition will double the size of Deloitte Corporate Finance, the Deloitte Financial Advisory Services unit that is buying McColl Partners, the company said.

Reuters reported that Hugh McColl, the former Bank of America chairman and chief executive, will work with Deloitte Financial Advisory Services as a senior strategic advisor. Deloitte said Deloitte Corporate Finance will add nearly 70 professionals, including 13 managing directors, in the deal and Kevin Flanagan, the national managing director of Deloitte Corporate Finance, continuing to lead the business.