Acquisition adds significant scale to Piper Sandler’s technology investment bank and positions the team for future growth
MINNEAPOLIS, July 6, 2022–(BUSINESS WIRE)–Piper Sandler Companies (NYSE: PIPR), a leading investment bank, today announced that it has entered into a definitive agreement to acquire DBO Partners, an independent technology investment bank in the San Francisco Bay Area.
Founded in 2012, DBO Partners provides reliable, client-focused M&A and capital raising solutions to leading public and private companies, private equity, venture capital and alternative investment firms. The team has led many of the largest and most complex transactions for its clients in key technology sectors including software, security, engineering, semiconductors and infrastructure and emerging technologies. In addition, DBO Partners’ dedicated advisory services for general private equity partners will add a new and growing capability to Piper Sandler’s investment banking platform. Notable deals include AMD’s acquisition of Xilinx for $35 billion, Dell Technologies’ sale of Boomi for $4 billion, and Thoma Bravo’s sale of a majority stake in Centrify to TPG.
“The DBO team has established an exceptional practice in advising the world’s leading companies on their most important transactions. The addition of DBO significantly increases our presence and capabilities in the technology sector and is an important step towards building a leading technology investment banking practice,” said Michael Dillahunt, Global Co-Head in investment banking and capital markets at Piper Sandler.
DBO is co-led by three founding partners each with over 35 years of industry experience: Gordon Dean, Mark Bradley and Nick Osborne. Dean joined Morgan Stanley in 1986 where he became Managing Director, Co-Head of Western Region and Vice President of Investment Banking. Bradley began his career at Morgan Stanley in 1985 where he spent 25 years, including as Global Head of the Financial Sponsors Group from 2000 to 2012 and as a member of the Investment Banking Management Committee. Osborne also joined DBO from Morgan Stanley where he was responsible for global technology mergers and acquisitions. They are joined by Brian White, who built a leading security investment banking business at DBO.
“We chose Piper Sandler because we share a client-focused culture and they have a proven track record of adding successful, industry-focused consulting firms and empowering them with more capabilities and of resources to provide enhanced solutions to clients and opportunities to their teams,” commented Nick Osborne, co-founder of DBO. “It is important to note that the partnership with Piper Sandler is very complementary to our business, with Piper Sandler’s existing team of talented banking technology professionals. Together, we will continue to deliver exceptional service and results to our customers with more products, including debt and equity capital markets, more vertical expertise and more resources.”
The team comprising the three co-founders will be integrated into the technology investment banking group Piper Sandler. Nick Osborne will be named co-head of technology investment banking alongside current technology group head Steve Schmidt. Together they will lead a group of over 50 investment banking professionals. Gordon Dean will be named vice president, investment banking, Mark Bradley will be named president, financial sponsor coverage and Brian White will be named head of security and defense technology. Piper Sandler’s expanded technology team will be an important growth pillar for the company’s investment banking business.
“We are delighted to add the permanent DBO team to our platform on the heels of what has been a banner year for our technology investment banking group in 2021. We look forward to combining our expertise to build a franchise market leader,” said Steve Schmidt, head of technology investment banking at Piper Sandler.
The transaction is expected to close in the fourth quarter of 2022 and is subject to customary closing conditions
Piper Sandler was advised by Sullivan and Cromwell LLP. Wachtell, Lipton, Rosen and Katz served as legal counsel and KBW served as financial advisor to DBO Partners on the transaction.
About DBO Partners
DBO Partners is an independent technology investment bank based in the San Francisco Bay Area, whose partners advise global leaders on their most important strategic and financial transactions. The seasoned advisory team has led many of the largest and most complex transactions for leading global enterprises and private equity firms across several key technology landscape verticals, including software, security, engineering, semiconductors and infrastructure and emerging technologies. The firm offers expertise in mergers and acquisitions, leveraged buyouts, restructurings, fund and equity raising, shareholder relations and financing, and general partner advisory services. Learn more about dbopartners.com.
About Piper Sandler
Piper Sandler is a leading investment bank focused on helping clients realize the power of partnership®. With a distinct combination of candid advice, focused expertise and empowered employees, we bring insight and impact to every relationship. Our proven advisory teams combine deep product and industry expertise with immediate access to global capital. Founded in 1895, the company is headquartered in Minneapolis and has offices across the United States as well as in London, Aberdeen and Hong Kong. Learn more at PiperSandler.com.
Caution 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 Company’s future prospects and growth. 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 transaction described in this announcement is subject to customary closing conditions and may not be closed on the scheduled date or at all; (2) the costs or difficulties associated with the business combination could be greater than anticipated and could adversely affect our results of operations and financial condition as well as our ability to realize the synergies anticipated from the transaction; (3) the expected benefits of the transaction may take longer than expected to be realized and may not be realized in full or at all, and will depend in part on the Company’s ability to retain and hire personnel key and to maintain relationships with its customers; (4) changes 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 generally and its banking business. investment in particular; and (5) 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, 2021, and updated in our subsequent filed reports. with the SEC. These reports are available at www.pipesandler.com Where www.sec.gov. 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.
Piper Sandler Companies (NYSE: PIPR) is a leading investment bank focused on helping clients realize the power of partnership®. Securities brokerage and investment banking services are offered in the United States by Piper Sandler & Co., Member SIPC and NYSE; in Europe through Piper Sandler Ltd., authorized and regulated by the UK Financial Conduct Authority; and in Hong Kong through Piper Sandler Hong Kong Limited, authorized and regulated by the Securities and Futures Commission. Alternative asset management and fixed income advisory services are offered through separately registered advisory subsidiaries.
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