J.J.B. Hilliard W.L. Lyons Inc., a unit of Pittsburgh-based PNC Financial Services Group Inc., is being sold to Houchens Industries Inc., a Bowling Green, Ky., holding company that owns businesses in construction, insurance, recycling, warehousing and grocery retailing. Financial terms were not disclosed.
Hilliard Lyons is a Louisville, Ky.-based investment firm with 10 offices, including one in downtown Indianapolis and one in Carmel.
Houchens Industries expects the deal to close by the end of March.
PNC said the new owner likely would retain the Hilliard Lyons name, the employees and management team.