Piper Jaffray Companies, an investment bank and asset management firm, has completed its purchase of Seattle-Northwest Securities Corporation. 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.
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