Piper Sandler Companies

Piper Sandler Companies is an American multinational investment bank and financial services company, focused on mergers and acquisitions, financial restructuring, public offerings, public finance, institutional brokerage, investment management and securities research. Through its principal subsidiary, Piper Sandler & Co., the company targets corporations, institutional investors, and public entities.

Piper Sandler Companies
TypePublic
IndustryFinancial services
Founded1895 (1895) in Minneapolis, Minnesota
HeadquartersU.S. Bancorp Center
Minneapolis, Minnesota, U.S.
Key people
Chad R. Abraham (CEO)
Deb Schoneman (President)
Products
RevenueDecrease US$1.44 billion (2022)
Decrease US$110 million (2022)
Total assetsDecrease US$2.18 billion (2022)
Total equityIncrease US$1.25 billion (2022)
Number of employees
1,790 (2022)
Websitepipersandler.com
Footnotes / references
[1]

Founded in 1895 and headquartered in Minneapolis, Minnesota, Piper Sandler has more than 60 offices spanning across five countries.[2]

History

Piper Sandler's roots can be traced back to 1895 when George Lane established George B. Lane, Commercial Paper and Collateral Loans & Co., a commercial paper brokerage, in Minneapolis. In 1913, Piper, Jaffray & Co. was established as another commercial paper business by H.C. Piper Sr. and Clive Palmer Jaffray.[3] In 1917, George B. Lane & Co. merged with Piper, Jaffray & Co. to form Lane, Piper & Jaffray.[4]

The firm first obtained a seat on the New York Stock Exchange in 1931 with the acquisition of Hopwood & Company, which had been devastated by the stock market crash.[5] In 1971, Piper Jaffray & Hopwood became the first regional brokerage firm to offer its own stock for public sales, becoming a publicly held corporation.[5] Later, in 1986, Piper's common stock began trading on the NASDAQ under the ticker symbol PIPR.

In 1992, the name of the broker-dealer changed from Piper Jaffray & Hopwood Incorporated to Piper Jaffray Inc.[5]

In 1998, the firm was acquired by U.S. Bancorp, also based in Minneapolis, for $730 million in cash.[3] From 1999 to 2003, the firm was known as U.S. Bancorp Piper Jaffray. In 2003, U.S. Bancorp spun off Piper Jaffray[6] in a stock dividend to its shareholders, making the company independent once again under the symbol PJC. In 2006, the company sold its brokerage business to Zurich-based UBS for $510 million in cash.[7] The business had approximately 800 brokers at that time.[7]

On July 9, 2019, Piper Jaffray announced the purchase of leading financial services investment bank Sandler O'Neill for $485M; the new combined firm is named Piper Sandler Companies. Piper Jaffray CEO Chad Abraham would continue to lead the combined company.[8]

Acquisition history

2004: Piper Jaffray acquired Vie Securities, LLC.[9]

2007: Piper Jaffray acquires FAMCO,[10] acquires Hong Kong-based investment bank Goldbond Capital Holdings Limited[3]

2010: Piper Jaffray acquires Advisory Research, Inc.[11]

2013: Piper Jaffray acquires Seattle-Northwest Securities Corporation,[12] acquires Edgeview Partners, L.P.[13]

2015: Piper Jaffray acquires River Branch Holdings[14]

2016: Piper Jaffray acquires Simmons & Company International[15]

2019: Piper Jaffray acquires Weeden & Co., L.P.[16]

2020: Piper Jaffray acquires Sandler O'Neill + Partners,[17] becoming Piper Sandler Companies. Piper Sandler acquires The Valence Group,[18] acquires TRS Advisors[19]

2022: Piper Sandler acquires Cornerstone Macro,[20][21] acquires Stamford partners LLC,[22] acquires DBO Partners[23]

Regulator fines

In 2002, Piper Sandler was fined $25 million by state and federal regulators to settle charges that it provided biased stock ratings as part of the Global Analyst Research Settlements. Other firms, such as JP Morgan, Goldman Sachs, Merrill Lynch, UBS, Deutsche Bank and Morgan Stanley were fined for similar reasons. The firm agreed to make structural changes relating to its research and investment banking program to restore confidence in its business.[24]

See also

References
  1. "Piper Sandler Companies 2022 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. 24 February 2023.
  2. "Locations | Piper Sandler". www.pipersandler.com. Retrieved 6 July 2023.
  3. "History | Piper Sandler". www.pipersandler.com. Retrieved 6 July 2023.
  4. "Piper Jaffray Companies Inc.: An Inventory of Its Records". Minnesota Historical Society.
  5. "History of Piper Jaffray Companies Inc. – FundingUniverse". www.fundinguniverse.com. Retrieved 6 July 2023.
  6. Piper Jaffray Completes Spin-Off From U.S. Bancorp
  7. UBS to Buy Wealth Management Unit of Piper Jaffray
  8. "Piper Jaffray to Buy Sandler O'Neill for $485 Million". wsj.com. 9 July 2019. Retrieved 9 July 2019.(subscription required)
  9. "Piper Jaffray Acquires Vie Securities | Mergr M&A Deal Summary". mergr.com. Retrieved 6 July 2023.
  10. "Piper Jaffray to acquire FAMCO". InvestmentNews. 13 April 2007. Retrieved 6 July 2023.
  11. Tribune, Chris Serres Star. "Piper buys high-end money-management firm". Star Tribune. Retrieved 6 July 2023.
  12. Hammerand, Jim (15 July 2013). "Piper Jaffray closes on Seattle bond firm deal". www.bizjournals.com. Retrieved 6 July 2023.
  13. "Piper Jaffray buying Edgeview Partners". Yahoo Finance. 17 June 2013. Retrieved 6 July 2023.
  14. Staff, Verdict (14 July 2015). "Piper Jaffray agrees to buy River Branch Holdings". Private Banker International. Retrieved 6 July 2023.
  15. Schneider, Andrew (17 November 2015). "Piper Jaffray To Buy Simmons & Company For $139 Million – Houston Public Media". www.houstonpublicmedia.org. Retrieved 6 July 2023.
  16. Editorial Staff (25 February 2019). "Piper Jaffray Agrees to Acquire Weeden & Co". Traders Magazine. Retrieved 6 July 2023.
  17. "Piper Jaffray completes purchase of Sandler O'Neill, changes name, ticker symbol". www.spglobal.com. Retrieved 6 July 2023.
  18. "Exhibit". www.sec.gov. Retrieved 6 July 2023.
  19. "Piper Sandler Acquires Restructuring Team with Addition of TRS Advisors". Bloomberg.com. 9 December 2020. Retrieved 6 July 2023.
  20. "Piper Sandler Companies Agrees to Acquire Cornerstone Macro". www.businesswire.com. 14 October 2021. Retrieved 6 July 2023.
  21. "Piper Sandler completes acquisition of Cornerstone Macro". www.spglobal.com. Retrieved 6 July 2023.
  22. "Piper Sandler completes acquisition of Stamford Partners". www.spglobal.com. Retrieved 6 July 2023.
  23. "Piper Sandler Completes Acquisition of DBO Partners, Bolstering Technology Investment Banking Platform". www.businesswire.com. 10 October 2022. Retrieved 6 July 2023.
  24. Piper Jaffray Agrees to Settle Charges on Ratings of Stocks - The New York Times.

Official website

  • The Piper Jaffray Corporate Records are available for research use at the Minnesota Historical Society.
  • Business data for Piper Sandler:
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