PFM buys Largo-based firm

Philadelphia-based PFM Group, one of the nation's largest public finance consultancies, has acquired Fullerton & Friar, an airport finance consulting firm with headquarters in Largo and Denver.

The transaction results in a new industry leader, according to a release. Combined, the companies orchestrated more than $1.2 billion worth of airport financing last year, which would have made them the second largest such company in the nation.

The firm operated by partners Ken Fullerton and Robert Friar, who work in Largo and Denver, respectively, executed $425 million in financing on its own in 2009. Since its founding in 1990, Fullerton & Friar has advised 87 airport financings worth a total of more than $12 billion, the release said.

“The timing is excellent for our two firms to join and move forward,” said F. John White, chief executive officer of the PFM Group. “As airports across the country face many economic challenges, they are re-examining their financial strategies and exploring ways to restructure their debt and review their options.”

In the first quarter of 2010, PFM advised its clients on the handling of $13.4 billion in debt.