National Investment Managers Inc. said Tuesday that it has agreed to acquire California Investment Annuity Sales Inc. for about $2.43 million of which $1.43 million is cash.
Dublin, Ohio-based National Investment said it bought the Marina del Ray-based investment firm, which has about $200 million in assets under management, in an effort to grow its portfolio by entering the California market.
National Investment had more than $800 million in assets under management prior to the deal and has offices in 12 states. The company recorded $35.4 million in revenue last year.
