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  • Seller
  • Buyer
  • Type
  • Date Announced
  • Seller AUM
  • Tudor, Pickering, Holt & Co. LLC
  • Perella Weinberg Partners, LP
  • Securities and Investment Banking
  • November 14, 2016
  • $1.9 Billion

Seller Details

Tudor, Pickering, Holt & Co. is an integrated investment and merchant bank providing high quality advice and services to the energy industry.  The company offers sales and trading, and research coverage on approximately 140 issuers worldwide.  The firm's investment management complex has more than $1.9 billion AUM dedicated to the energy space.  Headquartered in Houston, Texas, Tudor, Pickering, Holt & Co. also has offices in Calgary, Denver, London and New York.

Buyer Details

Perella Weinberg Partners is a leading independent, client-focused financial services firm providing advisory and asset management services to a broad, global client base, including corporations, institutions and governments.  The Advisory business advises clients on mergers, acquisitions, strategic and capital structure advisory, financial restructuring and capital raising.  The Asset Management business includes a suite of hedge fund strategies, private investment funds and outsourced CIO solutions.  Together with its affiliates, the Asset Management business has capital commitments and managed assets of approximately $10.2 billion.  With approximately 450 employees, Perella Weinberg Partners maintains offices in New York, London, Abu Dhabi, Denver, Dubai and San Francisco.

Transaction Summary

The combined firm, with more than 650 employees across eight offices in four countries, will have collectively advised on approximately $1.2 trillion in advisory transactions since inception.

Clients of both firms will benefit from a differentiated M&A franchise offering expanded expertise in its services and sector coverage.  The combined advisory business will have deep expertise in key industry verticals that are among the most important and strategically active sectors of the global economy - energy, healthcare, consumer/retail, TMT, industrials and financial institutions.  This transaction will deliver to TPH an expanded Middle East and European footprint and complementary offerings such as restructuring, while augmenting expertise in other areas such as shareholder activism advice and capital markets.  Perella Weinberg Partners' clients will gain access to differentiated energy expertise across TPH's advisory, research, capital markets and asset management platforms.  The combination will result in a firm with expanded reach and enhanced distribution, enabling deeper penetration in energy-adjacent sectors, such as chemicals and diversified industrials.  

This transaction will add nearly $2 billion of AUM to Perella Weinberg Partners' asset management business and accelerate growth through the combination of TPH's energy investment offerings and Perella Weinberg Partners' asset management business.  The aggregate $12 billion platform will offer a diverse suite of solutions in public markets, private markets and an outsourced chief investment officer solution, supported by marketing with a proven track record of raising assets across the alternatives landscape.  TPH's energy securities business, including the Morning Note and other research publications, will continue unchanged as a cornerstone of industry knowledge, underpinning the continued growth of the firm's suite  of capital markets offerings and providing attractive opportunities for the firm's growth.  
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