ST. LOUIS and PARIS - Stifel Financial Corp . (NYSE: NYSE:SF), a financial services holding company, announced today its definitive agreement to acquire Bryan, Garnier & Co, a prominent independent investment bank specializing in European technology and healthcare sectors. While the financial terms of the deal remain undisclosed, the acquisition marks a significant expansion of Stifel's global advisory business.
Bryan Garnier, established in 1996, brings to the table a suite of services including mergers & acquisitions advisory, and public and private growth financing solutions. The firm boasts a substantial team of 200 professionals, including 33 Managing Directors, with headquarters in Paris and additional offices across Europe and in New York.
Ronald J. Kruszewski, Chairman and CEO of Stifel, emphasized the compatibility of Bryan Garnier's culture and expertise with Stifel's growth strategy, particularly in the healthcare and technology verticals. He expressed that the acquisition aligns with the evolution of Stifel's global advisory business.
Olivier Garnier, co-founder and Managing Partner of Bryan Garnier, highlighted the synergies between the two firms, noting the potential for unparalleled opportunities for clients and employees in the European market.
Stifel has a history of growth through acquisitions and organic expansion, with a projection to generate over $4.8 billion in net revenue for 2024, based on annualized net revenue through September 30, 2024. The company operates nearly 400 offices globally, employing close to 10,000 professionals. In 2023, Stifel was acknowledged as the "US Mid-Market Equity House of the Year" by International Financing Review.
The transaction advisors included Keefe, Bruyette & Woods, A Stifel Company, and legal counsel from Bryan Cave Leighton Paisner LLP for Stifel. Bryan Garnier was advised by Houlihan Lokey (NYSE:HLI) and legal counsel from White & Case LLP.
This strategic acquisition is anticipated to enhance Stifel's service offerings and market position in the investment banking sector, particularly within the healthcare and technology industries in Europe. The company's impressive 57.19% one-year return and consistent dividend yield of 1.55% demonstrate its strong market performance. For detailed analysis and additional insights, including 8 more exclusive ProTips about Stifel's financial health and growth prospects, visit InvestingPro, where you can access comprehensive Pro Research Reports covering 1,400+ top stocks. The information in this article is based on a press release statement and InvestingPro data.
In other recent news, Stifel Financial Corp. has reported a significant rise in its third-quarter earnings per share (EPS) and net revenue. The EPS jumped to $1.50, marking a 150% increase from the previous year, while net revenue reached $1.23 billion, a 17% year-over-year increase. These robust financial results led TD Cowen to increase Stifel Financial's stock price target from $100.00 to $105.00, while retaining a Hold rating on the company's shares. JPMorgan (NYSE:JPM) also initiated coverage of Stifel Financial with a Neutral rating and a price target of $120.00, highlighting the company's balanced earnings potential.
In other developments, Stifel Financial has declared dividends for its common and preferred stock, with payments scheduled for mid-December. The company's future expectations include surpassing $5 billion in revenue and achieving $8 in EPS by 2025, according to recent analyst notes.
Stifel Financial also reported a record high in total client assets under management, which reached $514 billion, including a record $197 billion in fee-based assets. This marks a 4% increase from October 2024, attributed to robust equity markets and successful financial advisor recruiting efforts. These are among the recent developments that underscore Stifel Financial's commitment to growth and profitability.
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