June 06, 2024 04:35 PM Eastern Daylight Time

Piper Sandler Enters Definitive Agreement to Acquire Aviditi Advisors

Acquisition adds premier fundraising, secondary solutions and direct investment capital capabilities to the firm’s market-leading private equity M&A and capital markets franchises

MINNEAPOLIS--(BUSINESS WIRE)--Piper Sandler Companies (NYSE: PIPR), a leading investment bank, today announced that it has entered into a definitive agreement to acquire Aviditi Advisors.

Aviditi Advisors is a premier alternative investment bank providing full lifecycle services to financial sponsors, global alternative investment managers and limited partner investors with offices in New York City, Dallas, London and Munich. Ryan Schlitt and John Robertshaw co-founded Aviditi Advisors after previously leading or serving in senior capacities in private capital advisory groups and asset management at Credit Suisse Securities and Donaldson, Lufkin & Jenrette. In 2013, John Robertshaw also co-founded iCapital, a global fintech platform serving the wealth management industry, previously serving as its chairman. Aviditi’s integrated model provides best-in-class insights and guidance across three core verticals: primary fundraising with global project management and distribution capabilities; innovative secondary solutions for GPs and LPs across asset classes and structures; and comprehensive capital markets solutions for GPs across the lifecycle of their portfolio companies. Since its inception in 2020, Aviditi has advised on over $30 billion of transactions.

Aviditi Advisors will form Piper Sandler’s private capital advisory group, adding yet another industry-leading practice to Piper Sandler’s investment banking platform. The team consists of approximately 50 professionals across North America and Europe, including ten managing directors. Following the acquisition, Schlitt and Robertshaw will be named head of private capital advisory and vice chairman of private capital advisory, respectively, at Piper Sandler.

“Ryan and John have built a tremendous team and business, and one that is highly complementary to our leading, private equity-focused advisory platform. Fundraising, private capital markets and secondary solutions, including continuation vehicles, are of central importance to financial sponsors. Aviditi provides these critical capabilities and increases the value of our combined platform to our single largest client base – private equity,” said Mike Dillahunt, global co-head of investment banking at Piper Sandler.

Ryan Schlitt, chief executive officer and co-founder of Aviditi Advisors, commented, “We are extremely excited to be joining the Piper Sandler platform. It represents the next chapter of growth for our firm and service capabilities. Aviditi has been designed from the ground up to focus on the full lifecycle of business in which our clients engage both in the general partner and limited partner communities. We are fully integrated as a business and as a team, proving that a model focused on capital formation, liquidity solutions and capital solutions can deliver differentiated value to our clients. By combining with a market-leading platform like Piper Sandler, we believe we can grow to new heights. We provide special thanks to our investors and clients whose support helped build a premier franchise, and we are excited to continue to build upon this momentum in partnership with Piper Sandler.”

The transaction is expected to close in late third quarter of 2024 and is subject to obtaining required regulatory approvals and other customary closing conditions. Piper Sandler was advised by Sullivan & Cromwell LLP. Mayer Brown LLP and Keefe, Bruyette & Woods served as advisors to Aviditi Advisors in connection with the transaction.

About Aviditi Advisors

Aviditi Advisors is a premier alternative advisory firm servicing global alternative investment managers and investors who allocate to the sector (private and public). Aviditi stands apart in its fully integrated model across both illiquid and liquid advisory solutions, enabling the firm to provide full lifecycle outcomes to clients. Learn more at www.aviditiadvisors.com.

About Piper Sandler

As a leading investment bank, we enable growth and success for our clients through deep sector expertise, candid advice and a differentiated, highly productive culture. We transcend transactions to define possibilities—enabling clients to achieve their short-term goals while realizing their long-term vision. 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 Piper Sandler. 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, including obtaining required regulatory approvals, 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 Piper Sandler 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 Piper Sandler generally and 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, 2023, and updated in our subsequent reports filed with the SEC. These reports are available at pipersandler.com or 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 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 the U.K. 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. Alternative asset management and fixed income advisory services are offered through separately registered advisory affiliates.

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