Just saw that PS is acquiring DBO Partners on Bloomberg headlines this morning. Wanted to start up a thread for anyone interested in discussing it.
PS acquired Simmons a few years ago to expand its O&G presence. Now, it's growing its tech IB arm.
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I'm bullish on PSC. Their acquisition strategy has had great success in recent years (Sandler O'Neil, Simmons, TRS Advisors, etc.)
Seems like they're pretty dead-set on inorganic growth and I like how aggressive they're being. There's always tons of execution/integration risk and the risk of overpaying and diluting EPS but I'd argue acquiring boutique banks that can essentially still function independently under the PSC banner is a simple enough integration. I'm definitely long PIPR
Can I PM you please?
Go ahead, I don't work at Piper though if that's what your question is regarding.
Good for PSC, I'd be pissed if I was a middle/junior banker at DBO though. Really wonder how the team structure will change. Piper historically let their acquisitioms pretty much run themsolves with little interference from the core team at Piper. Seems like it could be different given Piper already has a tech team (an awful one) and a presence in SF. I know they let Simmons keep their name on a lot their stuff. It was like "Simmons and Company, a PSC Company' or something.
Why would you be pissed if you were a junior at DBO? Greater opportunities for rapid advancement and above-market comp at a boutique???
They’re also trying to grow their restructuring arm. They recently hired former BX/PJT RX titan Mike Genereux.
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