Companies & Institutions

Boenning & Scattergood is a leading investment banking and advisory firm for a broad range of financial services companies. Our clients range from community and regional banks to commercial and consumer finance companies, insurance underwriters and brokerages, asset management firms, broker-dealers, and other financial services businesses. Within the financial services industry, we have a particular strength in serving community banks. 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 M&A advisory and capital formation services to privately held and publicly traded clients in the sector. Our team is perennially one of the most active M&A advisors in the country and, in particular, the Mid-Atlantic and Midwest regions. Boenning & Scattergood’s 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, which establishes us as one of the leaders in the country. 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 a $7.1 billion bank in its $1.5 billion acquisition of a $5.8 billion bank in a strategically important adjoining metropolitan area
• Served as the sole placement agent for a $1.3 billion bank that successfully recapitalized with a $52 million equity private placement, followed by a $10 million rights offering
• Initiated and advised on a merger-of-equals transaction between a $671 million bank and a $617 million bank, allowing the successor bank to qualify for the Russell Index and leading to significant market outperformance over the year after the announcement
• Represented an $8.9 billion bank in its acquisition of 18 branches and $1.6 billion in relatively low-cost deposits as part of a market concentration divestiture that was required by regulators
• Managed and co-managed a number of common equity, debt, and preferred stock transactions each year to bolster the capital levels of community bank clients and to facilitate further growth

Boenning & Scattergood specializes in providing investment banking services for the insurance industry across the nation. We have significant experience in the property/casualty and life sectors of the industry. Our clients range from local and regional companies to larger national and international entities in the underwriting, MGA/broker/agent, and industry-related service subsectors.

Boenning & Scattergood’s insurance practice is noted for M&A advisory and capital formation services to privately held and publicly traded clients in the sector:

• Recognized as an experienced M&A financial advisor to insurance companies nationwide
• Highly experienced with complex insurance company structures, demonstrating an effective ability to communicate value propositions to interested parties in a transaction
• Strong relationships and experience with insurance-oriented investors
• Decades-long history of market making
• Active trading relationships with regional and national institutional investment funds
• Retail presence that 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:

• Served as financial advisor to a $1.7 billion in capital P&C insurance company in a $300 million-plus strategic acquisition
• Served as financial advisor to a $600 million in capital P&C insurer in a merger with a $1.3 billion in capital publicly traded company
• Advised on the sale of a niche P&C insurer to a strategic buyer with the intent to grow and expand its niche throughout its multi-state network of agencies
• Advised on the sale of multiple non-risk bearing insurance-related entities to strategic partners
• Lead managed and co-managed a number of common equity, debt, and preferred stock transactions to improve the capital levels and support the growth of small and mid-cap insurance clients
• Served as financial advisor and provided opinions, appraisals, and expert analysis in connection with over 15 demutualization transactions

The Investment Banking practice at Boenning & Scattergood has a history of serving both publicly traded and privately held companies in the water, infrastructure, and environmental (WI&E) sectors. Boenning & Scattergood brings prospective clients within the WI&E sectors a uniquely positioned, value-added financial advisory partner through relevant transaction experience, deep strategic relationships, conference and research-based thought leadership, and active industry association participation. We have experience with utilities, equipment and system providers, filtration, treatment and chemical solution providers, and technology-based companies that serve the WI&E sectors. We have deep, relevant experience in buy-side and sell-side M&A advisory and experience across all forms of capital formation with companies serving the WI&E sectors.

Representative transactions in the sector include the following:

• Advised one of the largest water utilities in a spin-off from an international-based company in an initial public offering
• Served as a co-manager of a secondary public offering for a non-U.S. based provider of water utility services
• Served as lead manager of a secondary public offering for a small-cap company in the specialty chemical and animal product sectors
• Advised on the sale of a manufacturer of water and wastewater filtration equipment to a middle-market private equity firm
• Advised a Mexico-based public company in its acquisition of a water storage company headquartered in the U.S.
• Represented a water treatment technology company in its sale to a $4.5 billion publicly traded company

Our investment bankers serve the unique needs of private and public middle-market businesses and executives across a wide variety of industries and sectors, including manufacturing, distribution, and business services. Senior investment bankers are actively involved in all stages of a transaction and draw upon a diversity of experience to bring independent thinking to each client engagement. Transaction expertise includes sell-side and buy-side M&A, management and leveraged buyouts, corporate spinoffs, strategic alternatives analysis, fairness opinions, as well as private placements and public offerings of debt and equity. Additionally, Boenning & Scattergood’s industrials & business services practice can access a broad range of transaction partners, including:

• Domestic and international strategic buyers
• Private equity funds
• Family office investment groups

We also source multiple forms of capital, including:

• Mezzanine financing and growth capital funds
• Control equity investments
• Minority equity investments
• Subordinated debt
• Senior debt

Representative transactions in the sector include the following:

• Advised a family-owned specialty chemical and compounds manufacturer in a sale to an international strategic buyer with operations in the U.S.
• Advised a publicly traded manufacturer of specialized visual display and projection systems in a going-private transaction led by a private equity family office
• Served as a co-manager in a $50 million preferred stock offering for a publicly traded energy services company
• Advised a privately held producer and reseller of medical and diagnostics equipment in a sale to a diversified, international holding company

Our Investment Banking Group has experience providing M&A and other transaction advisory services to companies operating in multiple consumer and retail markets, including consumer products, food and beverage, restaurant, apparel, and furniture. Clients include those involved in design, manufacturing, and sourcing; wholesaling and distribution; and retailing. Transaction experience includes:

• Sell-side and buy-side M&A
• Sourcing debt and equity capital to fund growth and/or provide shareholder liquidity
• Going-private transactions

Representative transactions in the sector include the following:

• Advised a privately held specialty apparel designer and manufacturer in a sale to a private equity group as a platform investment
• Provided a fairness opinion to a publicly traded pet products company in a going-private transaction sponsored by a middle-market private equity group
• Advised a major, national snack food company in the acquisition of two complementary regional snack food brands
• Advised a private equity-owned consumer products and retail solutions provider in a sale to another financial sponsor group

Boenning & Scattergood’s investment banking experience in the real estate sector is broad in scope and expertise. We have performed a wide range of services to publicly traded and privately held clients, including recapitalizations, management buyouts, and sales to private equity firms throughout the United States. Our retail and institutional distribution positions us to be a lead manager on relatively smaller transactions as well as a co-manager of choice on larger public offerings. Since 2014, our Investment Banking Group has served as a manager or co-manager on 20 REIT offerings (common equity, preferred, and debt) with aggregate proceeds in excess of $1.2 billion.

Representative transactions in the sector include the following:

• Participated in five distinct offerings, including an initial public offering, equity follow-ons, and preferred equity issuances, for a growth-oriented multi-family owner/operator as it expanded its portfolio over several years
• Co-managed four REIT preferred equity offerings with gross proceeds exceeding $80 million in each case since 2019 alone
• Served as a senior co-manager on a $170 million preferred equity offering by a retail REIT
• Sold a privately held REIT with commercial, industrial, and hospitality holdings to a publicly traded buyer

Our Investment Banking Group has experience working with established, profitable technology and technology-enabled companies to support their growth, provide access to capital, and pursue strategic transactions. Transactions include:

• M&A with other market participants
• Private placements of equity capital (control and non-control)
• Underwriting initial and follow-on public offerings of debt, preferred stock, and common stock

Representative transactions in the sector include the following:

• Advised a publicly traded financial institution in the sale of one of its financial technology subsidiaries to a publicly traded special purpose acquisition company
• Served as a lead manager or a co-manager in the issuance of multiple rounds of preferred stock for a publicly traded healthcare technology company, providing cloud-based software solutions to healthcare providers and hospitals
• Served as a co-manager for a $48.9 million public offering of preferred stock by a publicly traded healthcare technology company providing AI-powered telehealth solutions