Minneapolis-based Piper Jaffray Cos. announced that it has completed its planned buyout of Houston-based Simmons & Co., which provides mergers and acquisition advice, capital markets and equity research in the energy sector.
Piper Jaffray will retain the Simmons brand and operate it as a new division within its equities and investment-banking group.
Last year, Piper Jaffray announced the acquisition of 100% of Simmons for approximately US$139 million, comprising of US$91 million in cash and US$48 million in restricted stock. It also set aside an additional US$21 million in cash and stock for retention purposes.
“Our partnership with Simmons represents a significant step forward in expanding the firm’s [energy] sector coverage,” says Andrew Duff, chairman and CEO of Piper Jaffray, in a statement. “The Simmons team is comprised of highly regarded leaders in the energy industry, and we look forward to combining forces to better serve our clients.”
Michael Frazier, Simmons’ former chairman, president and CEO, has joined Piper Jaffray’s board of directors.