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Sykes Group To Buy Tampa-Based GunnAllen Brokerage

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By RICHARD MULLINS | The Tampa Tribune

Published: September 5, 2008

  John H. Sykes

TAMPA - A local investor group led by John H. Sykes, founder and former chairman of Sykes Enterprises Inc., announced a deal to purchase a controlling stake in the Tampa-based national stock brokerage company GunnAllen Financial Inc.

Subject to regulatory approval, the deal could close in the next 60 days, the investors said.

Financial terms were not disclosed. After the transaction, Sykes will become chairman of the privately held parent company Gunn Allen. He will become the largest shareholder and have the right to appoint a majority of the board of directors.

"The investors believe that supporting the growth of this platform into another Bay area-based financial services firm with national stature will be of enormous value," Sykes said.

GunnAllen Financial currently has 750 brokers in its network with operations in 39 states. Approximately 30 percent of the brokers are in Florida.

Rick Frueh will remain CEO of GunnAllen Financial.

This is the second banking venture recently for Sykes. He and other investors also founded NorthStar Bank in Tampa, partly to reach minority customers and others less served by national banking companies.

Reporter Richard Mullins can be reached at (813) 259-7919 or rmullins@tampatrib.com.

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