Piper Jaffray Companies, a multinational investment bank and asset management firm, has agreed to sell Advisory Research, Inc. through two separate transactions. Piper Jaffray will sell its midstream energy business to Tortoise Capital Advisors and has agreed to a management buy-out of the remaining Advisory Research business. Our firm advised Piper Jaffray in the transactions, which are expected to generate $60 million to $70 million of upfront net cash proceeds.
The sales will mark Piper Jaffray’s exit from its traditional asset management business.
