Dear Clients & Friends,
We hope that your new year is off to a good start. After one of the most challenging and unusual years that any of us can remember, we are delighted to share an update on our Investment Banking practice for 2020. As always, our focus was on serving as a resource and as a trusted advisor for our clients. In some cases, we advised clients to put potential transactions on hold, focus on stock buybacks, and take other steps to improve their ability to emerge from the pandemic in a stronger position. In other cases, we were able to help clients navigate challenging market conditions and complete important transactions, such as a capital offering or an M&A transaction. As the tombstone presentation demonstrates, our practice had a very busy and successful year. We were pleased that we were able to help our clients achieve numerous accomplishments in 2020. For the year, we are pleased to share some of the following highlights:
- Assisted our clients in closing over $1.4 billion in M&A value and approximately $2.2 billion in capital offerings during the year. Many of our successful clients came from our core industry verticals, including community banking, insurance, and water / infrastructure / environmental. We also saw a resurgence among clients in our middle market consumer and industrial practice.
- Achieved top rankings for our bank M&A advisory practice, as Boenning & Scattergood was once again ranked as one of the most active investment banks in the U.S.1 We announced and / or closed 15 whole-bank / fintech M&A transactions with approximately $1.5 billion in deal value. In addition, we served as a lead or co-manager on many public and private capital offerings throughout the year.
- Served as an underwriter on several successful capital offerings of water / infrastructure / environmental companies, including two of Essential Utilities’ (formerly Aqua America) notes offerings totaling $1.1 billion. In addition, Boenning & Scattergood served as the exclusive sell-side advisor to water cleantech company BlueInGreen, LLC in its sale to Chart Industries.
- Provided sell-side advisory services to Quantum Global Advisors, LLC, an international specialty insurance claims and valuation consulting practice, in its sale to BDO USA. On the capital formation side, Boenning & Scattergood served as a co-manager to Selective Insurance in its $200 million preferred stock offering.
- Served as an underwriter on several successful REIT, healthcare, transportation & logistics, and specialty finance capital offerings, including American Finance Trust’s $88.4 million preferred stock offering, Armour Residential REIT’s $86.3 million preferred stock offering, and Ontrak’s $48.9 million preferred stock offering.
The Boenning & Scattergood Investment Banking Group understands that our success is based on the strength of the professional relationships our firm and its bankers have enjoyed over many years. Boenning & Scattergood has been providing sound, independent advice to the business community since 1914, so the firm’s professionals have helped clients through difficult periods on many occasions. Reflected in this heritage is our Group’s commitment to providing the highest quality advisory services to corporations and business owners to enable them to meet their long-term financial goals. For those of you who contributed to our success in 2020, we sincerely thank you. As we look ahead to the opportunities that will be present in an improving economy, we wish everyone a healthy and prosperous 2021.
1Source: S&P Global Market Intelligence.