US-based investment bank Piper Sandler has signed a definitive agreement to acquire alternative investment bank Aviditi Advisors.
The financial terms of the deal were not revealed.
Established in 2020 by Ryan Schlitt and John Robertshaw, Aviditi Advisors offers full lifecycle services to financial sponsors, global alternative investment managers, and limited partner (LP) investors.
The alternative investment bank’s integrated model provides insights and guidance across three core verticals. These encompass primary fundraising with global project management and distribution capabilities.
Additionally, the company offers secondary solutions for general partners (GPs) and LPs across asset classes and structures, as well as capital markets solutions for GPs throughout the lifecycle of their portfolio companies.
Aviditi Advisors is said to have advised on more than $30bn of transactions.
Schlitt said: “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.”
Following the closing of the deal, Aviditi Advisors will become the private capital advisory group of Piper Sandler. Schlitt and Robertshaw will be head of private capital advisory and vice chairman of the same unit, respectively, at Piper Sandler.
Piper Sandler investment banking global co-head Mike Dillahunt said: “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.”
Subject to necessary regulatory approvals and other customary conditions, the transaction is anticipated to be completed in late Q3 2024.
Sullivan & Cromwell advised Piper Sandler on the transaction while Mayer Brown and Keefe, Bruyette & Woods served as advisers to Aviditi Advisors.
