LPL Financial has signed an agreement to acquire the RIA Allen & Company of Florida, LPL says.

The eight-decade-old Lakeland, Fla.-based Allen & Company has around 30 advisors who oversee approximately $3 billion, according to a press release from LPL. As part of the deal, Allen & Company’s advisors and staff will become LPL employees but will keep Allen & Company’s operations and brand, LPL says.

Allen & Company’s client assets, meanwhile, will be onboarded onto LPL’s custodial platform.

The purchase agreement includes an initial purchase price as well as a contingent payment tied to the portion of Allen & Company’s client assets that get onboarded to LPL’s platform, LPL says.

The deal is estimated to be a multiple of around seven times post-synergy EBITDA, and is expected to close by the end of the year, according to the press release.

For Allen & Company, the acquisition allows the firm to tap into LPL’s “advisory and centrally managed platforms, open-architecture product offering and integrated clearing capabilities,” Ralph Allen, Allen & Company’s chairman, says in the press release.

For LPL, the acquisition falls in line with its M&A strategy, Dan Arnold, LPL president and CEO, says in the press release.

Earlier this month, LPL added an independent financial advisor with over $1 billion in assets. LPL has also been poaching advisors from rivals in recent months.

It added 80 advisors in the first quarter and has since lured advisors from Morgan Stanley, Voya Financial, Cadaret Grant, CUSO Financial Services and FSC Securities Corporation, although it also lost several advisors to FSC, Woodbury Financial Services and CUSO.