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.
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"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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