Piper Jaffray, an investment and asset management firm based in Minneapolis, has agreed to purchase Seattle-Northwest Securities Corporation for approximately $21 million, Twin Cities Business reports.
“This is a great combination for both firms,” Piper CEO Andrew Duff said in a news release. “A key part of our firm’s strategy is investing in our public finance business, and this represents a significant step forward in developing a national franchise for our business.”
“Joining forces with Piper Jaffray will allow us to build on Seattle-Northwest's strength and reputation in the Pacific Northwest,” added Karl Leaverton, CEO and president of Seattle-Northwest. "We believe there is a strong cultural fit between our firms, and our employees and clients will benefit from Piper Jaffray’s specialized products, deep inventory and strong capital base.”
Pending approvals, the transaction is expected to close in the second half of 2013.
Seattle-Northwest specializes in underwriting municipal securities, and its sales and trading division distributes bonds nationwide.