Piper Sandler Acquires Restructuring Team with Addition of TRS Advisors
Piper Sandler Companies (NYSE: PIPR) announced a definitive agreement to acquire TRS Advisors, an independent advisory firm specializing in restructurings and complex financial transactions. Founded by Todd R. Snyder, TRS Advisors boasts a team of 12 seasoned bankers. Post-acquisition, Snyder will lead Piper Sandler's global restructuring efforts. The transaction is expected to finalize in Q4 2020, pending customary closing conditions. This acquisition aims to enhance Piper Sandler's investment banking relationships and expand their advisory expertise.
- Strategic acquisition of TRS Advisors, enhancing restructuring and advisory capabilities.
- Addition of 12 experienced bankers, including Todd R. Snyder, as global head of restructuring.
- Expected to strengthen Piper Sandler's investment banking relationships across various sectors.
- Acquisition subject to customary closing conditions, which could delay or prevent completion.
- Integration challenges and costs may exceed expectations, affecting financial results.
- Realization of anticipated synergies may take longer than expected or not materialize.
MINNEAPOLIS--(BUSINESS WIRE)--Piper Sandler Companies (NYSE: PIPR), a leading investment bank, today announced that it has entered into a definitive agreement to acquire TRS Advisors. TRS Advisors is an independent advisory firm focused on advising and executing restructurings, reorganizations and other complex financial transactions for public, private and governmental clients.
TRS Advisors was founded by 30-year veteran restructuring banker Todd R. Snyder. Before founding TRS, Snyder was executive vice chairman of Rothschild & Co. and co-head of the North American restructuring advisory business. Previously, he was a managing director in the restructuring and reorganization group at Peter J. Solomon Company. The team is comprised of 12 bankers including five managing directors. Following the acquisition, Todd Snyder will be named global head of restructuring.
“We are thrilled to partner with TRS Advisors and combine our strong investment banking relationships across multiple industry sectors with their expertise advising in complex matters,” said James Baker, global co-head of investment banking at Piper Sandler. “Todd and the TRS organization are among the most seasoned restructuring teams on Wall Street, having advised on some of the largest and most complicated assignments over the past 20 years.”
“Aligning our businesses is an exciting opportunity to combine the strength and breadth of Piper Sandler’s industry expertise and reach with TRS Advisors’ culture of professional and restructuring excellence,” said Todd Snyder, founder and CEO of TRS Advisors.
The transaction is expected to close in the fourth quarter of 2020 and is subject to customary closing conditions.
Piper Sandler was advised by Faegre Drinker Biddle & Reath LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal advisor to TRS Advisors in connection with the transaction.
About TRS Advisors
TRS Advisors is an independent advisory firm, founded by a core group of seasoned investment banking professionals, focused on advising and executing complex financial transactions. They represent companies, creditors, potential investors, and other parties in interest in challenging situations. TRS Advisors and its senior bankers have been integral to some of the most complex restructuring transactions in public, private, and government settings.
About Piper Sandler
Piper Sandler is a leading investment bank driven to help clients Realize the Power of Partnership®. Through a distinct combination of candid counsel, focused expertise and empowered employees, we deliver insight and impact to each and every relationship. Our proven advisory teams combine deep product and sector expertise with ready access to global capital. Founded in 1895, the firm is headquartered in Minneapolis with offices across the United States and in London, Aberdeen and Hong Kong. Learn more at PiperSandler.com.
Cautionary Note Regarding Forward-Looking Information
This announcement contains forward-looking statements. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements. These forward-looking statements cover, among other things, the future prospects and growth of the Company. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated, including the following: (1) the transaction described in this announcement is subject to customary closing conditions and may not close on the expected timing or at all; (2) the costs or difficulties relating to the combination of the businesses may be greater than expected and may adversely affect our results of operations and financial condition and our ability to realize anticipated synergies from the transaction; (3) the expected benefits of the transaction may take longer than anticipated to achieve and may not be achieved in their entirety or at all, and will in part depend on the ability of the Company to retain and hire key personnel and maintain relationships with its clients; (4) developments in market and economic conditions have in the past adversely affected, and may in the future adversely affect, the business and profitability of the Company generally and of its investment banking business specifically; and (5) other factors identified under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2019, and updated in our subsequent reports filed with the SEC. These reports are available at www.pipersandler.com or www.sec.gov. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them in light of new information or future events.
Piper Sandler Companies (NYSE: PIPR) is a leading investment bank and institutional securities firm driven to help clients Realize the Power of Partnership®. Securities brokerage and investment banking services are offered in the U.S. through Piper Sandler & Co., member SIPC and NYSE; in Europe through Piper Sandler Ltd., authorized and regulated by the U.K. Financial Conduct Authority; and in Hong Kong through Piper Sandler Hong Kong Limited, authorized and regulated by the Securities and Futures Commission. Private equity strategies and fixed income advisory services are offered through separately registered advisory affiliates.
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