Piper Sandler Companies

Piper Sandler Companies is an American independent 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]

Based in Minneapolis, Minnesota, Piper Sandler has more than 55 offices.[2] The company was founded in 1895.

Piper Jaffray was named one of America's 50 Most Trustworthy Financial Companies by Forbes magazine in 2015 and 2017.[3] Piper Jaffray was also named 2014 Investment Bank of the Year by Mergers & Acquisitions Journal.[4]

On July 9, 2019, the company announced an agreement to buy fellow investment bank Sandler O'Neill, with the new combined entity to be called Piper Sandler Cos.[5]

History

Piper Sandler traces its roots 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 (C.P. or Palmer) Jaffray. In 1917, George B. Lane & Co. merged with Piper, Jaffray & Co. to form Lane, Piper & Jaffray.[6]

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. In 1971, Piper first offered stock to the public and became a publicly held corporation known as Piper, Jaffray & Hopwood Incorporated. Later, in 1986, Piper's common stock began trading on the NASDAQ under the ticker symbol PIPR. In 1997, the firm was acquired by U.S. Bancorp, also based in Minneapolis, for $730 million in cash. From 1999 to 2003, the firm was known as U.S. Bancorp Piper Jaffray. In 2003, U.S. Bancorp spun off Piper Jaffray[7] 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.[8] The business had approximately 800 brokers at that time.

On July 9, 2019, Piper Jaffray announced they were purchasing fellow investment bank Sandler O'Neill for $485M. The new combined entity was going to be named Piper Sandler Cos, and Piper Jaffray CEO Chad Abraham would continue to lead the combined company.[5]

Operations

Piper Sandler operates principally through the following business segments:

Investment banking

Within its investment banking division, Piper Sandler provides advisory and financing services involving:

In 2013, Piper Sandler was recognized for the second year in a row as the top healthcare investment bank by Global Finance Magazine.[9] [10]

In February 2016, Piper Sandler acquired Houston-based energy firm Simmons & Company International for a total consideration of approximately $139 million, consisting of $91 million in cash and $48 million in restricted stock.[11]

Public finance

Piper Sandler underwrites debt issuances and provides financial advisory to government and not-for-profit entities. In 2016, the Piper Sandler public finance group ranked No. 2 for senior-managed underwriting and No. 5 for financial advisory transactions by number of issues. [12]

Institutional brokerage

Piper Sandler serves institutional investors and corporate clients through the following segments:

Asset management

Piper Sandler provides investment management and advisory services to institutional clients in the areas of equity, fixed income, private equity funds, master limited partnership and merchant banking. In 2010, the company acquired Advisory Research, Inc.,[13] a Chicago-based asset management firm with approximately $7 billion in assets under management. Advisory Research provides U.S., international, global and MLP and energy infrastructure strategies to institutional investors.

Diversity

Piper Sandler has been recognized six years (2012-2017) for gender diversity on its board of directors by receiving the "W" distinction from 2020 Women on Boards. This designation is given to companies with corporate boards which are at least 20% women.[14]

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.[15]

Office locations
  • New York Office, 345 Park Ave.
    New York Office, 345 Park Ave.
  • San Francisco Office, 50 California St.
    San Francisco Office, 50 California St.
  • Chicago Office, Hyatt Center
    Chicago Office, Hyatt Center
  • Chicago Office, 300 North LaSalle
    Chicago Office, 300 North LaSalle
  • London Office, 88 Wood Street
    London Office, 88 Wood Street
  • Houston Office, 700 Louisiana St.
    Houston Office, 700 Louisiana St.
  • Boston Office, 100 Federal Street
    Boston Office, 100 Federal Street
  • Denver Office, Tabor Center
    Denver Office, Tabor Center
  • Charlotte Office, Charlotte Hines Plaza
    Charlotte Office, Charlotte Hines Plaza
  • Charlotte Office, Bank of America Plaza
    Charlotte Office, Bank of America Plaza
  • Philadelphia Office, Two Logan Square
    Philadelphia Office, Two Logan Square

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 Jaffray. Retrieved 1 February 2016.
  3. "Forbes". Forbes. Retrieved 1 August 2015.
  4. "M&A Mid-Market Awards". Retrieved 15 March 2015.
  5. "Piper Jaffray to Buy Sandler O'Neill for $485 Million". wsj.com. 9 July 2019. Retrieved 9 July 2019.(subscription required)
  6. "Piper Jaffray Companies Inc.: An Inventory of Its Records". Minnesota Historical Society.
  7. Piper Jaffray Completes Spin-Off From U.S. Bancorp
  8. UBS to Buy Wealth Management Unit of Piper Jaffray
  9. "Global Finance - World's Best Investment Banks 2012". Retrieved 17 February 2012.
  10. "Global Finance - World's Best Investment Banks 2013". Retrieved 22 February 2013.
  11. "Wall Street Journal: Piper Jaffray to Acquire Simmons for Energy Dealmaking Push". Bloomberg News. Retrieved 15 November 2015.
  12. "Thomson Financial". Retrieved 31 December 2015.
  13. Advisory Research, Advisory Research Web Site.
  14. "2020 Women on Boards".
  15. 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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