Company:Piper Sandler Companies

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Piper Sandler Companies
TypePublic
IndustryFinancial services
Founded1895; 131 years ago (1895) in Minneapolis, Minnesota, U.S.
HeadquartersU.S. Bancorp Center
Minneapolis, Minnesota, U.S.
Key people
  • Chad R. Abraham (CEO)
  • Deb Schoneman (President)
Products
RevenueDecrease US$1.36 billion (2023)
Decrease US$85.5 million (2023)
Total assetsDecrease US$2.14 billion (2023)
Total equityIncrease US$1.30 billion (2023)
Number of employees
1,725 (2023)
Websitepipersandler.com
Footnotes / references
[1]

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.

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 of providing biased stock ratings as part of the Global Analyst Research Settlements. Other firms, including JP Morgan, Goldman Sachs, Merrill Lynch, UBS, Deutsche Bank, and Morgan Stanley, were fined for similar reasons. Piper Sandler agreed to implement structural changes to its research and investment banking programs to restore confidence in its business.[24]

References

  1. ↑ "Piper Sandler Companies 2023 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 26, 2024. https://www.sec.gov/ix?doc=/Archives/edgar/data/1230245/000123024524000038/pipr-20231231.htm. 
  2. ↑ "Locations | Piper Sandler". https://www.pipersandler.com/locations. 
  3. ↑ 3.0 3.1 3.2 "History | Piper Sandler". https://www.pipersandler.com/who-we-are/history. 
  4. ↑ "Piper Jaffray Companies Inc.: An Inventory of Its Records". Minnesota Historical Society. http://www.mnhs.org/library/findaids/00514.xml. 
  5. ↑ 5.0 5.1 5.2 "History of Piper Jaffray Companies Inc. – FundingUniverse". http://www.fundinguniverse.com/company-histories/piper-jaffray-companies-inc-history/. 
  6. ↑ Piper Jaffray Completes Spin-Off From U.S. Bancorp
  7. ↑ 7.0 7.1 UBS to Buy Wealth Management Unit of Piper Jaffray
  8. ↑ "Piper Jaffray to Buy Sandler O'Neill for $485 Million". July 9, 2019. https://www.wsj.com/articles/piper-jaffray-to-buy-sandler-oneill-for-485-million-11562675771. 
  9. ↑ "Piper Jaffray Acquires Vie Securities | Mergr M&A Deal Summary". https://mergr.com/piper-jaffray-acquires-vie-securities. 
  10. ↑ "Piper Jaffray to acquire FAMCO" (in en-US). April 13, 2007. https://www.investmentnews.com/piper-jaffray-to-acquire-famco-8555. 
  11. ↑ The Tribune, Chris Serres Star (December 22, 2009). "Piper buys high-end money-management firm". https://www.startribune.com/piper-buys-high-end-money-management-firm/79867207/. 
  12. ↑ Hammerand, Jim (July 15, 2013). "Piper Jaffray closes on Seattle bond firm deal". https://www.bizjournals.com/twincities/blog/banking/2013/07/piper-jaffray-closes-seattle-northwest.html. 
  13. ↑ "Piper Jaffray buying Edgeview Partners" (in en-US). Yahoo Finance. June 17, 2013. https://news.yahoo.com/piper-jaffray-buying-edgeview-partners-150900198.html. 
  14. ↑ Staff, Verdict (July 14, 2015). "Piper Jaffray agrees to buy River Branch Holdings" (in en-US). https://www.privatebankerinternational.com/news/piper-jaffray-agrees-to-buy-river-branch-holdings-140715-4622216/. 
  15. ↑ Schneider, Andrew (November 17, 2015). "Piper Jaffray To Buy Simmons & Company For $139 Million – Houston Public Media" (in en-US). https://www.houstonpublicmedia.org/articles/news/2015/11/17/127649/piper-jaffray-to-buy-simmons-company-for-139-million/. 
  16. ↑ Editorial Staff (February 25, 2019). "Piper Jaffray Agrees to Acquire Weeden & Co" (in en-US). https://www.tradersmagazine.com/departments/brokerage/piper-jaffray-agrees-to-acquire-weeden-co/. 
  17. ↑ "Piper Jaffray completes purchase of Sandler O'Neill, changes name, ticker symbol" (in en-us). https://www.spglobal.com/marketintelligence/en/news-insights/trending/eWhVUsqi8wj49xZHZEV90A2. 
  18. ↑ "Exhibit". U.S. Securities and Exchange Commission. https://www.sec.gov/Archives/edgar/data/1230245/000123024520000065/tvgclosingpressrelease.htm. 
  19. ↑ "Piper Sandler Acquires Restructuring Team with Addition of TRS Advisors" (in en). Bloomberg. December 9, 2020. https://www.bloomberg.com/press-releases/2020-12-09/piper-sandler-acquires-restructuring-team-with-addition-of-trs-advisors. 
  20. ↑ "Piper Sandler Companies Agrees to Acquire Cornerstone Macro" (in en). October 14, 2021. https://www.businesswire.com/news/home/20211014005627/en/Piper-Sandler-Companies-Agrees-to-Acquire-Cornerstone-Macro. 
  21. ↑ "Piper Sandler completes acquisition of Cornerstone Macro" (in en-us). https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/piper-sandler-completes-acquisition-of-cornerstone-macro-68769515. 
  22. ↑ "Piper Sandler completes acquisition of Stamford Partners" (in en-us). https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/piper-sandler-completes-acquisition-of-stamford-partners-70775981. 
  23. ↑ "Piper Sandler Completes Acquisition of DBO Partners, Bolstering Technology Investment Banking Platform" (in en). October 10, 2022. https://www.businesswire.com/news/home/20221010005123/en/Piper-Sandler-Completes-Acquisition-of-DBO-Partners-Bolstering-Technology-Investment-Banking-Platform. 
  24. ↑ Piper Jaffray Agrees to Settle Charges on Ratings of Stocks – The New York Times.



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