RJO sells equity, hits M&A trail

US independent FCM RJ O'Brien (RJO) sold a majority stake to two private equity firms - Spectrum Equity Investors and Technology Crossover Ventures (TCV) - on 21 May, as the firm marks the end of a longstanding search for a buyer and hits the acquisition trail.

The firm plans to use the equity investors' M&A experience to grow the business organically and through acquisitions of other FCMs. RJO joins an increasingly competitive and active M&A space among FCMs and believes there will be significant...