trending Market Intelligence /marketintelligence/en/news-insights/trending/B-kyDIAyhZsL0ffkZNv0iA2 content esgSubNav
In This List

Piper Jaffray to sell Advisory Research in 2 separate deals

Podcast

Street Talk | Episode 94: Recessionary fears in ’22 overblown, Fed could overtighten

Blog

Insight Weekly: Ukraine war impact on mining; US bank growth slowdown; cloud computing headwinds

Blog

Investment Banking Essentials Newsletter April Edition - 2022

Blog

Banking Essentials Newsletter April Edition - 2022


Piper Jaffray to sell Advisory Research in 2 separate deals

Piper Jaffray Cos. agreed to sell investment manager Advisory Research Inc. in two separate transactions the company expects to generate net cash proceeds of roughly $60 million to $70 million, excluding potential earnout proceeds.

Tortoise Capital Advisors LLC agreed to purchase Advisory Research's midstream energy asset management business, and Piper Jaffray intends to sell the remaining businesses to a partner group led by Advisory Research's executive committee chairman, Matthew Swaim.

Advisory Research's midstream energy infrastructure team, including Senior Portfolio Managers Jim Cunnane Jr. and Quinn Kiley, will join Tortoise Capital Advisors and maintain oversight of the company's client relationships and energy infrastructure business.

The transactions are expected to close in the second half.

Faegre Baker Daniels LLP is Piper Jaffray's legal adviser, while Ardea Partners is serving as its exclusive financial adviser on the deal. Morgan Stanley & Co. LLC served as Tortoise Capital Advisors' financial adviser on the deal.