(Bloomberg) -- Piper Sandler Cos. agreed to buy DBO Partners to expand its technology investment-banking business.
“The addition of DBO significantly increases our presence and capabilities in the technology sector and is an important step toward building a leading technology investment-banking practice,” Michael Dillahunt, global head of investment banking and capital markets at Piper Sandler, said in a statement Wednesday.
Terms of the transaction weren’t disclosed.
DBO Partners co-founders Gordon Dean, Mark Bradley, and Nick Osborne will join Piper Sandler’s technology investment-banking group, which has more than 50 professionals. Osborne will become co-head of the group with Steve Schmidt, while Dean will be vice chairman of investment banking and Bradley will serve as chairman of financial-sponsor coverage, according to the statement.
Last month, Minneapolis-based Piper Sandler said it formed a European consumer team after completing the acquisition of London-based advisory firm Stamford Partners LLP.
Piper Sandler shares have plunged 35% this year, a steeper drop than the 18% decline in the S&P Smallcap Financials Index. The stock fell 1.2% to $112.39 at 10:27 a.m. in New York.
The transaction is expected to be completed in the fourth quarter. Sullivan and Cromwell served as legal advisers to Piper Sandler. Wachtell, Lipton, Rosen and Katz was DBO’s legal adviser, and KBW was its financial adviser.
©2022 Bloomberg L.P.