Piper Acquiring PWP?
It would be a surprising deal if it materializes. Both firms are independent advisory shops focused on the middle market, so the strategic rationale is no clear. There is no obvious expansion into a new market or complementary capability, as there was when Mizuho acquired Greenhill: Mizuho brought the balance sheet, while Greenhill brought advisory relationships
Those two firms did a couple of deals before (had a clearer fit) PWP’s acquisition of Devon Park expanded its secondaries advisory business, while Piper Sandler’s acquisition of Simmons strengthened its energy and infrastructure coverage. I’m struggling to see the equivalent rationale here
There is no rationale
PWP is not middle market
Bro, when you're mostly working on sub-1B deals you're MM. There is nothing "Elite" about their deal flow
A2 here - 3/4 of my deals are $5B+
🧢🧢🧢
it will be soon
writing was on the wall, PWP has not been performing for years
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