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 Jaffray
Piper 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.
Cautionary Note Regarding Forward-Looking Information
This 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
. 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.
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