Janney Montgomery Scott LLC, the largest investment firm based in Philadelphia, says it has acquired HighBank Advisors, an investment bank and financial adviser based in Baltimore.

HighBank, founded by Stephen Gaines in 1989, focused on financing acquisitions and expansions for midsized business-services, software, and industrial firms. Janney also focuses on software and industrial firms, along with financial, health care, real estate, construction, and utilities companies.

The deal will grow Janney's investment banking group by 11, to 51 professionals, adding six HighBank managing directors plus supporting professionals to Janney's staff at offices in both Baltimore and Philadelphia. (Janney also has an investment brokerage unit, which is many times larger.)

Since the financial markets collapse of 2008-09 ended, HighBank has completed 47 investment banking transactions, compared to 620 (worth a total of $85 billion) for Janney, which is owned by Penn Mutual Life Insurance Co. of Horsham.

Joe Culley, head of capital markets at Janney, called the HighBank group a "highly experienced team of professionals" that would help Janney show "disciplined growth." The firm's Private Client group had "record growth" last year, and adding HighBank's mergers an acquisitions team will help Janney land more deals for business owners, added Janney investment banking head Cliff Booth in a statement.

Seller Gaines said Janney was well qualified to support HighBank's ongoing business. He was named head of the combined firms' Business Services group.

Janney was advised by Blank Rome LLP on the deal.