Larry Roth’s RLR Strategic Partners has formalized its relationship with Berkshire Global Advisors, a middle-market investment bank specializing in financial services, with a new strategic relationship as a senior consultant.

The longtime independent broker-dealer executive, who has served as CEO of Vestax Securities, AIG Advisor Group and Cetera Financial Group, had been working informally with Berkshire for much of the last year. Roth also served as a managing director at Berkshire from 2001 after he sold Vestax to 2006 when he joined AIG.

Roth is already consulting with several independent broker-dealers and private equity firms, several of which are considering major investment in the IBD space. Several factors have rekindled private equity institutional investor interest in this industry, he notes.

One factor is the surge in the stock price of LPL Financial, the nation’s largest IBD, from about $20 a share in early 2016 to about $65 a share in recent days. Another is Genstar Capital’s recent acquisition of Cetera Financial Group for a stunning $1.7 billion. Genstar is believed to have invested as much as $700 million in equity in Cetera.

Roth himself is credited with guiding Cetera through a pre-packaged bankruptcy in 2016 and helping it avoid extinction. Over the last century, very few brokerage have survived bankruptcy.

His skills at financial engineering under these extreme conditions obviously appealed to Berkshire. Roth “has a remarkable track record within the wealth management industry as a dealmaker, a strategist and a CEO who has successfully navigated some of the most complex issues and challenges that could be faced within this sector,” said Bruce Cameron, co-founder and partner at Berkshire.

Roth notes that multiples for both IBDs and RIA firms are rising expects that there will continue to be consolidation within both sectors of the financial services industry. He adds that there is a significant amount of both equity and debt capital available. Rising interest rates, in particular, are a major benefit for the brokerage industry, even if they may help the broader economy.

“Another recession could slow things down but, in my view, it won’t damage these businesses,” he said.