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  • Seller
  • Buyer
  • Type
  • Date Announced
  • Seller AUM
  • Stone & Youngberg LLC
  • Stifel Financial Corp.
  • Securities and Investment Banking
  • July 25, 2011
  • N/A

Seller Details

Stone & Youngberg LLC was founded in San Francisco in 1931 and is a national leader in trading and underwriting fixed-income securities. The firm makes a market in tax-exempt and taxable municipal bonds nationally, trades Treasury securities and corporate debt, and provides investment services to individuals, institutions and government agencies.  Regionally, Stone & Youngberg is a leading underwriter of Arizona and California municipal bonds, including California general obligation bonds.  The firm led or co-managed the sale of 927 municipal bond issues totaling $21 billion over the past five years.  Over that time, the firm underwrote more California and Arizona municipal bonds than any other firm, and was the most active underwriter of redevelopment financings nationally.

Buyer Details

Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri that conducts its banking, securities and financial services business through several wholly owned subsidiaries. Stifel clients are primarily served in the U.S. through 312 offices in 44 states and the District of Columbia through Stifel, Nicolaus & Company, Incorporated and Thomas Weisel Partners LLC, and in Canada through Stifel Nicolaus Canada Inc. Clients in the United Kingdom and Europe are served through offices of Stifel Nicolaus Limited and Stifel Nicolaus Europe Limited (formerly Thomas Weisel Partners International Limited). Each of the broker-dealer affiliates provides securities brokerage, investment banking, trading, investment advisory and related financial services to individual investors, professional money managers, businesses and municipalities. Stifel Bank & Trust offers a full range of consumer and commercial lending solutions.

Transaction Summary

Stifel Financial Corp. (NYSE: SF) today announced it has entered into a definitive agreement to acquire Stone & Youngberg LLC (“Stone & Youngberg”), a leading financial services firm specializing in municipal finance and fixed income securities. Stone & Youngberg’s comprehensive institutional group expands Stifel’s public finance, institutional sales and trading and bond underwriting, particularly in the Arizona and California markets, and adds more than 30 financial advisors in four offices to the firm’s Private Client Group.

On a combined basis, Stifel and Stone & Youngberg will have approximately 100 public finance professionals serving issuers from 16 locations across the country. In 2010, the combined firms senior managed more than 500 negotiated municipal bond issues raising more than $8.5 billion and co-managed an additional 301 transactions. Stifel with Stone & Youngberg will be one of the few investment banks in the country providing issuers the full scope of sales and underwriting resources, including a large national institutional fixed income sales force and a national private client business.

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