Royal Bank Buys Advisory Firm Richardson Barr

Royal Bank of Canada, CN's largest bank, agreed to buy Houston-based energy advisory firm Richardson Barr & Co. to expand its U.S. investment-banking business. The purchase price wasn't disclosed, Toronto-based Royal Bank said in a statement. Royal Bank has announced 10 acquisitions in the U.S. in the past two years to expand its RBC Capital Markets business, including takeover of advisory firm Daniels & Associates, brokerage Carlin Financial Group & OH finance firm Seasongood & Mayer. Richardson Barr was founded by Scott Richardson and Steve Barr in 2003 to advise private oil and gas companies on takeovers and sales with U.S. private equity companies. The firm will be renamed RBC Richardson Barr after the purchase.