Companies & Institutions
Investment Banking
Industry Expertise
Our team has practical knowledge and expertise in a wide range of industries, companies and transaction structures. Our team of investment bankers understands the importance of industry expertise. The combination of transaction expertise, operating experience and knowledge of a client’s industry drives our ability to successfully close engagements. The depth of our experience in the middle market, and in the industry verticals we are active in, positions us to work closely with CEOs and owners of public and privately held companies in order to achieve their mergers and acquisitions and capital markets goals.
Our investment banking industry experience includes:
Boenning & Scattergood is a leading investment banking and advisory firm for financial institutions, community banks and insurance companies. Our clients range from community and regional banks and thrifts to leasing firms, insurance companies and brokerages, asset management firms, broker-dealers and other financial services businesses. Through years of working with financial institutions, our principals have developed relationships with a broad base of industry participants. Our senior bankers possess extensive experience achieving successful outcomes for financial institutions at all points of the healthy/distressed spectrum during various stages of the economic cycle. The practice offers a complete range of mergers and acquisitions advisory and capital formation services to privately held and publicly traded clients in the sector. Our team has remained one of the most active M&A advisors in the Mid-Atlantic and Midwest and we have advised clients across the country. Boenning & Scattergood’s financial services clients have access to a wide array of services, including fixed income trading and market making capabilities. The firm currently makes a market in more than 250 financial institutions and our retail and institutional distribution allows us to help our clients successfully complete capital raises ranging from small community offerings to large syndicated transactions. Representative transactions in the sector include the following:
- Advised $2.6 billion bank headquartered in Northeast United States in sale to one of largest regional banks in the country
- Served as sell-side advisor to $135 million bank headquartered in region to $525 million financial services holding company
- Served as sole underwriter in a public offering for regional commercial bank
- Advised $1.5 billion bank holding company in acquisition of a regional commercial bank
- Advised closed-end bond fund in rights offering to raise capital for growth of fund
- Advised a small cap specialty insurance company in its sale to a $2 billion market cap NYSE-listed insurance company*
- Advised large regional insurance agency in its sale to commercial banking institution
* Transaction completed by one or more financial professionals at a prior firm
Boenning & Scattergood specializes in providing investment banking services for the insurance industry across the nation. Our services to the insurance sector are vertically aligned with Boenning & Scattergood’s full-service investment banking platform. We have a particular specialty in the property/casualty and life sectors of the industry and our clients range from local and regional companies to larger national and international entities in the underwriting, MGA/broker/agent and industry related service sub-sectors.
Boenning’s insurance practice is noted for merger & acquisition advisory and capital formation services to privately-held and publicly traded clients in the sector:
- Recognized as a leading M&A financial advisor to insurance companies nationwide
- Boenning & Scattergood professionals have assisted clients in completing more than 50 insurance assignments since 2001
- Highly experienced with complex insurance company structures, with effective ability to communicate value propositions to interested parties in a transaction
- Strong relationships and experience with insurance oriented investors
- 80 year history of market making
- Active trading relationships with regional and national institutional investment funds
- Retail presence which effectively supports offerings and adds pricing stability
- Placed capital in numerous insurance company equity and debt offerings as a lead agent, co-manager and selling group member
- Leading expert in subscription rights demutualizations, having been involved in nearly every transaction of this type
- Successfully worked as financial advisor and rendered testimony to insurance departments
- Rendered fairness opinions for a variety of purposes including M&A transactions, recapitalizations and demutualizations
Representative transactions in the sector include the following:
- Strategic transition of the business of a regional medical malpractice insurance company to an expanding regional insurance company.
- Co-manager in $5.3 billion senior debt placement by an international insurance company
- Sale of a small cap specialty insurance company to a $2 billion market cap NYSE-listed insurance company*
- Sale of a large regional insurance broker to a commercial banking institution
- Merger of a niche specialty insurer to a national specialty company with interest in expanding the seller’s regional niche nationally
- $500 million+ capital raise for an offshore reinsurance company*
* Transaction completed by one or more financial professionals at a prior firm
The investment banking practice at Boenning & Scattergood has a history of serving both publicly traded and privately held companies in the water equipment, technology and distribution sectors. The presence of water utilities, water infrastructure companies and enterprises providing the equipment that serve these markets comprise the core of our work in the water industry. In the specialty chemicals sector, we have worked with publicly traded companies in the sector. We offer privately held mergers and acquisitions advisory services, and a full range of capital formation services to companies in the broad industrial services sector. Representative transactions in the sector include the following:
- Advised one of largest water utilities in spin-off from international based company in initial public offering
- Served as co-manager of secondary public offering for non-U.S. based provider of water utility services
- Served as lead manager of secondary public offering for small-cap company in the specialty chemical and animal product sectors
- Advised on sale of a manufacturer of water and wastewater filtration equipment by a leading water services provider to a middle-market private equity firm
- Advised on management buyout of water and wastewater treatment systems and equipment manufacturer with two Texas-based private equity firms
Our investment bankers provide mergers and acquisitions advisory services to a broad cross section of the middle market, including manufacturing, transportation, retail, consumer, packaging, sporting apparel, computer maintenance, leasing and instrumentation, among others. Our broad-based advisory expertise combined with our unique understanding and, in some instances, previous operating experience, position individuals in our group to add value by understanding the nuances and structure of privately held enterprises. We have counseled both buy-side and sell-side clients, provided fairness opinions, placed equity and debt offerings, and provided strategic advisory services to our clients in basic industry.
Boenning & Scattergood has experience working with privately held companies in the building products industry. Members of our investment banking practice have closed a number of significant transactions, including the sale of one of the largest privately held building products companies in the country in 2006. Our team of building products professionals has a thorough understanding of the industry through extensive mergers and acquisitions activity in the sector and experience that extends to strategic and private equity buyers. Representative transactions in the sector include the following:
- Advised owner of Mid-Atlantic based building products company in sale to leading international private equity firm
- Advised manufacturer of roof drainage systems, residential and commercial snow guards, and specialty architectural roofing products in sale to strategic buyer
- Advised Northeast-based building products distributor serving home building contractors to regional competitor
- Advised premier manufacturer of upscale modular homes to financial buyer
- Advised Midwest-based building products distributor that catered to professional home-building contractors and window manufacturers to industry consolidator
Our team of investment bankers has experience advising companies in consumer and retail markets including food services, retail distribution, food retail and retail hospitality, among others. Our understanding of consumer and retail markets encompass the manufacturing and production of goods and services, various components throughout the supply chain and, ultimately, distribution to consumers. In addition, we have worked extensively with direct retailers in the sales and distribution of products and services to retail clients. Representative transactions in the sector include the following:
- Acted as the exclusive financial advisor to one of largest franchisees of a major national restaurant chain in the Mid-Atlantic region
- Provided a fairness opinion to the Board of Directors of one of the largest operators of convenience stores in the Mid-Atlantic region on a sale to a private equity firm
- Advised the owners of a privately held furniture and ancillary products company in a sale of 100% interest to a Midwest based private equity firm
- Advised on the formation of a privately held chain of fast-casual restaurants in the greater Delaware Valley
- Advised on sale of privately held food processing company and retailer to strategic buyer
Boenning & Scattergood has experience working with privately held companies in the defense and government contracting industries. A sector with a strong tradition of entrepreneurial based enterprises, these two industries are substantial contributors to the economy in the Mid-Atlantic region. Understanding the structural nuances of the various governmental agencies and bureaus is a critical component of the advisory services that a middle-market investment banking firm provides to privately held business owners in the broad based defense and government contracting space. Representative transactions in the sector include the following:
- Advised one of the world’s premier humanitarian and commercial mine action, ordinance disposal and security companies in sale to international based strategic buyer
- Advised privately-held value-added distributor and marketing services provider of tactical, safety equipment and training services to strategic buyer
- Advised privately held worldwide leader in firearms training equipment and services to international aerospace, defense and electronics company
Our healthcare practice combines the global reach of a bulge bracket firm with the industry expertise and focus of a boutique firm. This access to capital helps clients reach their strategic mergers and acquisitions goals. We have close relationships with venture capital and private equity firms worldwide and know whom to call to match your opportunity with the right investors. Representative transactions in the sector include the following:
- Served as co-placement agent for a $17 million registered direct offering for a biotechnology company
- Advised a publicly-held biotechnology company In its $24 million acquisition of a comparable cancer therapeutic company
- Acted as placement agent for mezzanine debt and common stock placement by a pharmaceutical services company
- Served as sole manager for a $44 million follow-on offering for a German-based biotechnology company
- Served as sole manager for a $17 million initial public offering for an Australia-based biotechnology company
- Acted as exclusive sell-side advisor for a worldwide contract research company
Boenning & Scattergood’s investment banking experience in the real estate, hospitality and gaming sectors is broad in scope and expertise. Senior bankers in the practice have bought, operated and sold large real estate and property groups prior to joining Boenning & Scattergood, and have been involved in indirect and direct investments within the hospitality and gaming sectors. We have performed a broad range of services to publicly traded and privately held clients, including majority recapitalizations, management buyouts and sales to private equity firms throughout the United States. Representative transactions in the sector include the following:
- Sold privately held real estate investment trust (REIT) with commercial, industrial and hospitality holdings to publicly traded buyer
- Executed management buy-out of real estate subsidiary of Fortune 50 company in largest buy-out of commercial and industrial real estate company in the United States in 1990s
- Advised on sale of privately held Las Vegas based casino to national real estate developer
- Advised on sale of leading full-service urban based hotel to national real estate firm, after refurbishment and re-flagging of enterprise
- Advised on sale of company that produced countertop gaming devices for entertainment purposes
Boenning & Scattergood’s bankers have experience working with a broad range of technology companies. We focus our transaction efforts in technology around emerging companies that have the potential to create innovative technologies and business models to dominate their market segments. Our investment bankers are active in most facets of a technology company’s life, from expansion-stage capital raises to initial public offerings and strategic exits. Technology engagements managed by our senior bankers include the following:
- Advised a publicly-traded human resources software company in its $115 million acquisition of a complementary software provider
- Acted as co-manager in a $137 million follow-on offering by a human resources software company
- Acted as co-manager in a $76 million follow-on offering for a provider of enterprise thin client solutions
- Advised an Indian-based software and services company in its acquisition of a UK-based insurance solutions provider
- Advised a privately-held manufacturing software company in its sale to one of the world’s leading enterprise software companies