At the end of this month, Piper Jaffray Companies plans to add 11 bankers that previously worked for San Francisco-based Partnership Capital Growth, LLC, (PCG)—an investment bank that counts Anytime Fitness, Kind Healthy Snacks, and Muscle Milk among the clients that it advises.
PCG serves “healthy, active, and sustainable living” industry clients within a reportedly $1 trillion market, and the firm’s “investor” division has nearly $200 million in capital under management. In addition to its San Francisco headquarters, the firm also has an office in Chicago.
Piper Jaffray, a Minneapolis-based investment bank and asset management firm, said that the addition of bankers with experience in sustainability matters will bolster its consumer investment services.
“The healthy, active, and sustainable living group is very additive to Piper’s platform,” Michael Hoffman, head of Piper Jaffray’s consumer investment banking, said in a statement. “Some of the most innovative, fastest-growing companies are in this space. Our new PCG partners’ expertise and Piper’s expanded banking capabilities will be a winning combination for our clients in achieving their long-term potential.”
Janica Lane, a partner at PCG, and Brian Smith, partner and founding principal at the firm, will join Piper Jaffray to head the team of recently acquired consumer investment bankers.
PCG founding partner Brent Knudsen will provide ongoing consulting services to Piper Jaffray’s expanded investment banking team but will remain with PGC to manage its “investors” division. Additionally, Chris Spahr, PCG’s partner in Chicago, will also remain with PCG but will assist in the transition of client services. The expanded investment banking team will operate out of Piper Jaffray’s existing San Francisco office.
Piper Jaffray spokeswoman Pamela Steensland told Twin Cities Business that the team, which includes a mix of nine junior and senior bankers in addition to Lane and Smith as administrative leaders, will help to develop the firm’s expertise in the consumer industry.
Piper Jaffray’s addition of the investment banking team follows recent job cuts: The firm reduced its work force by approximately 2 to 3 percent last year. Piper Jaffray reported employing approximately 966 at the end of 2012—48 fewer than the previous year. The firm currently employs roughly 910 people.
When asked whether Piper Jaffray has plans to hire additional employees this year, Steensland said that the firm is “always evaluating the potential to make additional strategic and opportunistic hires.”
Earlier this summer, Piper Jaffray completed the $21 million acquisition of Seattle Northwest Securities Corporation as well as the purchase of North Carolina-based Edgeview Partners for an undisclosed amount.
Piper Jaffray reported $489 million in 2012 revenue—a 6.7 percent increase over the previous year. Investment banking accounted for approximately $231 million of the firm’s 2012 revenue. The firm currently maintains 39 offices nationwide and international offices in London, and Zurich, Switzerland.
This article is reprinted in partnership with Twin Cities Business.