Hales buys middle-market industry advisor

NEW YORK--Hales & Co. Inc., an investment banking firm that specializes in the insurance industry, has acquired WFG Capital Advisors L.P., a financial advisory firm that specializes in mergers and acquisitions and strategic consulting services for middle-market clients in the insurance industry.

Terms of the deal, which was completed in June and announced Tuesday, were not disclosed.

New York-based Hales, which was founded in 1973, provides M&A and corporate finance advice to insurance agents, brokers, insurance companies and related financial services businesses, according to the companies' announcement. The firm has completed more than $1 billion of transactions in the insurance industry since 2005.

Harrisburg, Pa.-based WFG was founded in 1996. Both companies are privately held.