So how much did First Allied go for?

It continues to be a year of haves and have nots for the independent contractor broker-dealer industry. Some broker-dealers appear to be able to line up capital and look to the future. Others have been shut off from funds — and question whether they will make it through the next twelve months.
The latest example of a ‘have”: First Allied Holdings Inc., parent of independent broker-dealer First Allied Securities Inc. The firm filed notice with the Securities and Exchange Commission yesterday that it had sold $43.2 million in equity to four investors.
Lovell Minnick Partners LLC said in August that it and the management team of First Allied Securities would buy First Allied from its owner, Advanced Equities Financial Corp. The deal closed earlier this month.
With about 1,000 reps, First Allied generated $230.5 million in gross revenue last year. The firm had $5.2 million in pretax earnings in 2010, according to the most recent InvestmentNews survey of independent-contractor broker-dealers.
Robert Belke, a managing director with Lovell Minnick, would not comment directly whether the $43.2 million was the asking price for First Allied. “This obviously relates to the acquisition, but we don’t disclose the pricing of deals we do,” he said.
First Allied will continue its growth under its new owners, he said. “We are really interested in the opportunity to expand the platform through recruiting, acquisitions or lift-outs,” he said.