Quick Take
Piper Jaffray (PJC) has announced a deal to acquire 100% of Weeden & Co.
Weeden has developed equity portfolio trading technologies for institutional clients.
PJC seeks to bolster its equity capital markets capabilities with Weeden’s team and technology. The deal looks reasonably priced and positions PJC to grow its ECM business through revenue and cost synergies.
Target Company
Greenwich, Connecticut-based Weeden & Co. LP was founded in 1922 to provide institutional firms with trade execution capabilities.
Management is headed by CEO Lance Lonergan, who has been with the firm since 2007