Piper Jaffray Companies Completes Acquisition of Seattle-Northwest Securities Corporation
July 12 2013 - 4:05PM
Business Wire
Piper Jaffray Companies (NYSE: PJC), a leading investment bank
and asset management firm, today announced that it has
completed its purchase of Seattle-Northwest Securities Corporation
(“Seattle-Northwest”). The transaction adds depth to Piper
Jaffray’s public finance franchise, and significantly strengthens
its ability to serve municipal and middle-market clients across all
major U.S. markets.
Seattle-Northwest is a leading public finance firm founded in
1970, ranking No. 1 in terms of number of transactions in the
Pacific-Northwest in 2012. The firm is an established leader in
underwriting municipal securities, and its sales and trading
division distributes fixed income securities nationwide.
“We are pleased to welcome our Seattle-Northwest colleagues,”
Andrew Duff, chairman and CEO of Piper Jaffray said. “The addition
of Seattle-Northwest demonstrates marked progress in executing key
components of the firm’s growth strategy.”
The Piper Jaffray public finance and fixed income services
businesses now have a combined 369 employees across 39 U.S.
offices.
“Completing this transaction is a step forward for our clients
and employees,” commented Karl Leaverton, CEO and
president of Seattle-Northwest. “Together, our clients will
have access to a more robust set of specialized products and
capabilities, and our employees will benefit from a strong cultural
fit.”
The transaction is valued at approximately $21 million,
including approximately $13 million of tangible book value
associated with Seattle-Northwest.
About Piper JaffrayPiper Jaffray is a leading investment
bank and asset management firm serving clients in the U.S. and
internationally. Our proven advisory teams combine deep industry,
product and sector expertise with ready access to capital. Founded
in 1895, the firm is headquartered in Minneapolis and has offices
across the United States and in London and Zurich.
www.piperjaffray.com
Cautionary Note Regarding Forward-Looking InformationThis
announcement contains forward-looking statements. Statements that
are not historical or current facts, including statements about
beliefs and expectations, are forward-looking statements. These
forward-looking statements cover, among other things, the future
prospects of the Company and management’s expectations regarding
revenues, return on equity, and cost synergies. Forward-looking
statements involve inherent risks and uncertainties, and important
factors could cause actual results to differ materially from those
anticipated, including the following: (1) the costs or difficulties
relating to the combination of the businesses may be greater than
expected and may adversely affect our results of operations and
financial condition; (2) the expected benefits of the transaction,
including revenue growth for our public finance business, may take
longer than anticipated to achieve and may not be achieved in their
entirety or at all and will in part depend on the ability of the
Company to retain and hire key personnel and maintain relationships
with clients pending the consummation of the transaction; (3)
developments in market and economic conditions have in the past
adversely affected, and may in the future adversely affect, the
business and profitability of the Company; and (4) other factors
identified under “Risk Factors” in Part I, Item 1A of our Annual
Report on Form 10-K for the year ended December 31, 2012, and
updated in our subsequent reports filed with the SEC. These reports
are available at www.piperjaffray.com or www.sec.gov.
Forward-looking statements speak only as of the date they are made,
and we undertake no obligation to update them in light of new
information or future events.
© 2013 Piper Jaffray Companies, 800 Nicollet Mall, Suite 800,
Minneapolis, Minnesota 55402-7020
Piper Jaffray CompaniesPamela Steensland,
612-303-8184pamela.k.steensland@pjc.com
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