B. Riley Financial, a diversified financial services company, has agreed to acquire Tennessee-based investment firm Wunderlich Securities in a cash-stock deal worth $67m.

Wunderlich, founded in 1996, offers wealth management, equity research and investment banking, fixed income sales and trading services.

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The deal adds about $10bn in assets, and 37,000 active wealth management accounts to B. Riley’s books. Over 200 financial advisers will join B. Riley as part of the deal.

The combined group, along with B. Riley Capital Management, will have 25 offices across the US and manage nearly $11bn in assets.

The transaction consideration includes $36m in cash, 1.9 million shares of B. Riley common stock, and 0.82 million common stock warrants.

Wunderlich Securities CEO Gary Wunderlich will continue to serve in his existing role and will also join as a director on the B. Riley’s board.

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The deal is expected to be concluded in June 2017, subject to regulatory approval.

B. Riley chairman and CEO Bryant Riley said: “In addition to significantly enhancing our wealth management business, Wunderlich’s brokerage and research franchises strategically align with our current operations and expand our capabilities with minimal overlap of clients and coverage.

“This strategic combination adds another steady cash flow business to our platform, which complements our existing high-margin, episodic liquidations and capital markets businesses. We expect the increased diversification from the acquisition to help provide steady results through various market cycles. In addition to the significant diversification benefits, we expect to realize substantial cost synergies, making the acquisition highly accretive to our bottom line in 2017.”