Piper Sandler’s Caliber
Curious as to what you all think of Piper’s outlook for the near future. Which offices are the best in terms of deal flow? Are there any legit exits from Piper or do people typically just lateral into another bank?
Thanks!
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Curious as to what industries they generally do the best in.
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Plenty of MM and LMM PE recruitment opportunities from Piper. As mentioned above, HC (specifically med devices), Consumer and FIG (Sandler) are strong, but Industrials and Business Services are also decent. I think they have a decent tech and HCIT flow as well.
Bullet-Tooth Tony, always appreciate your middle market commentary. In the know.
Surprised at these questions to be honest. If you like the team and connect on a professional level I would not be concerned about these things unless you have to choose between offices / areas or other jobs. Good generalist shop overall.
How would people compare Piper to other MM shops- is it the same tier as Blair/HL, or is it more like Lincoln etc?
Very close to Blair/HL, though probably a bit weaker overall. Plenty of groups are on par (or better) and compete with them frequently.
How difficult would it be to lateral from Piper (non-NYC) to a BB or a EB either after the SA or after FT?
Easier after SA, but doable in either case if you are working in certain verticals (med device). NuclearPenguins probably has better anecdotes.
Wouldn't it be easier lateraling after a year of FT? FT recruiting after SA is brutal.
I've seen a # of people lateral in both scenarios, including some who left in the middle of FT (like even JPM, Barclays, BAML, Centerview.
Its not that hard. I did this myself 6 months into my 1st year. I interviewed at 4-5 different banks in SF, Chicago and NY offices for off-cycle lateral hires. 2-3 of the banks I just dropped the application in their online portal as I did not have contacts at those firms and got interviews from all that I applied to. I went to a non-target but had really good deal experience for 6 months of work. For what its worth, I got a full end-of year bonus from the new firm, they did not stub me.
Consumer group is pretty solid on sell-side M&A - see those guys a lot. FIG probably strong with Sandler acquisition. They basically run the medical devices space and are decent in HC overall.
I've been looking into their Capital Markets team and they have some pretty cool deals. It seems like they punch above their weight and reputation of "Minnesotan MM Bank" . They have run the IPO's of: Moderna, YETI Coolers, Zoom, and many other 500mm+ deals. I think that their energy deals are run down in Texas by the old Simmons team and, as others have mentioned, the Sandler O'Neil merger should poise Piper to rise in notoriety in the coming years.
Disclaimer: current student
They were not involved in any real capacity on those, basically a co-manager. Healthcare is the only vertical where I've seen them be on the driver's seat on a capital markets deal. Only BBs really lead capital markets deals. MM's don't have the distribution that's required for those kinds of deals, unlike M&A where it's all fair game as long as you know the buyer.
Interesting, thank you for your clarification! I actually have a networking call scheduled later next week with a guy on their ECM team, so it will be interesting to hear his perspective.
Piper does run cap markets deals as joint or lead left bookrunner on a semi-regular basis (including for groups outside of HC), just not on those megadeals.
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