Commerce Bank has agreed to acquire Nolan & Associates, a boutique investment banking firm located in St. Louis that gives corporate advisory services to middle-market companies, as per a definitive agreement made by the two companies. Once the deal is completed, Nolan & Associates will be a fully owned subsidiary of Commerce Bank, which will help the bank to enhance its ability to support enterprise clients not only during their liquidity events but also at ownership changes since the two companies will share the same corporate structure.
Owners of middle-market businesses have had to be able to do a lot of different things at once to deal with situations of major changes in their business even including the selling of parts of the business, the purchase of other companies for strategic purposes, or the transfer of ownership from one generation to another.
For instance, usually they would need to work separately and independently with their commercial banks, the M&A advisors without any banking license, and private wealth managers. This operational fragmentation most of the time restricts the capital efficiency soon and it also makes the transaction execution less smooth. The strategic acquisition gets rid of these limitations by bringing expert investment banking services directly and completely into Commerce s already existing commercial and wealth management systems.
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Comprehensive Corporate Advisory Across Central Industries
Founded in 1976 by Pat C. Nolan, Nolan & Associates has built a nearly five-decade track record as a second-generation, family-owned advisory firm with deep Midwestern roots. The investment bank guides corporations, private equity sponsors, and family business owners through complex transactions, maintaining specialized execution expertise across several key industry sectors:
- Industrial & Supply Chain: Advisory services for building products, manufacturing, distribution, and agriculture operations.
- Logistics & Infrastructure: Deal execution across the transportation, logistics, and energy landscapes.
- Regulated Markets & Services: M&A orchestration across healthcare, telecommunications, and professional business services.
Expanding Deal Origination and Institutional Scale
The integration provides distinct operational benefits for both entities. For the Nolan team, aligning with Commerce Bank offers access to a significantly broader platform, including expanded client networks, deep capital markets capabilities, and enhanced corporate resources to accelerate growth. Concurrently, the acquisition allows Nolan to leverage Commerce’s expansive geographic footprint and regional market presence to originate new middle-market transactions and deepen relationships with business owners approaching critical transition milestones.
To maintain transaction continuity and protect client outcomes, Commerce Bank intends to retain Nolan’s complete employee base and physical office operations. This approach ensures that existing clients continue to receive guidance from their established advisory teams while gaining immediate access to the bank’s broader suite of asset management, treasury, and corporate financing solutions.
Executive Perspectives on Strategic Integration
“With the addition of Nolan, we are expanding our ability to serve business owners through some of the most important decisions they will make-whether that’s growing, acquiring, or transitioning their business,” said Bob Holmes, Chairman and Chief Executive Officer, Commerce Bank – St. Louis. “This strengthens our ability to deliver a more seamless, end-to-end experience for our clients.”
“Joining Commerce is an exciting next chapter for our firm,” said Patrick Nolan, President, Nolan & Associates. “We’ve built Nolan & Associates on long-term relationships, trusted advice, and a strong commitment to our clients and community. Commerce shares those same values and a relationship-driven culture, which made this a natural fit. We’re proud to continue serving our clients with the same team and approach, now backed by the broader capabilities and reach of Commerce.”
“Combining forces with Commerce enables us to remain deeply committed to our family-owned business clients, while accelerating the growth of our private equity services practice,” said Brett Pantazi, Managing Director, Nolan & Associates. “We are thrilled to partner with the Commerce Bank team.”
Transaction Structuring and Regulatory Pathways
As an integral part of the acquisition, Commerce Bank will acquire Middle-Market Transactions, Inc. (MMTI), the Financial Industry Regulatory Authority (FINRA)-regulated corporate entity through which Nolan & Associates structures and executes its securities and advisory services.
Financial terms and specific purchase considerations of the agreement were not disclosed. The closing of the transaction remains subject to the receipt of required regulatory approvals and the satisfaction of customary closing and performance conditions. Corporate clients, middle-market executives, and institutional investors can review comprehensive capabilities, analyze previous transaction histories, and evaluate corporate advisory services.
