SAN DIEGO, April 2, 2009 (GLOBE NEWSWIRE) -- Sagient Research Systems, a leading publisher of independent research for the financial services and institutional investment communities, today announced that Rodman & Renshaw, LLC ranked as the number one most active investment bank and Downsview Capital, Inc. ranked as the number one most active institutional investor in the U.S. PIPE market during the first quarter of 2009.
Sagient Research also announced that Cooley Godward Kronish LLP ranked as the number one most active issuer counsel, Greenberg Traurig, LLP ranked as the number one most active investor counsel, and Lowenstein Sandler, PC ranked as the number one most active placement agent counsel in the U.S. PIPE market during the first quarter of 2009.
PlacementTracker, a flagship product of Sagient Research Systems, is well recognized as the leading provider of research, data, and analytics covering the PIPE market.
Commenting on the League Tables, Robert F. Kyle, executive vice president of Sagient Research said, "The significant slowdown in PIPE issuances that we first saw in the second half of 2008 continued into the first quarter of 2009. With only $3.9 billion raised in 180 transactions, the first quarter marked a very meager start to the new year. One of the most jarring changes was seen in the investor league table which was dominated by venture capital, private equity, and corporate buyers. Hedge funds, which have made up the bulk of the buying in the PIPE market for the past few years, were noticeably absent from the market in the first quarter. As always, we congratulate all of the active agents, investors, and legal counsel in the PIPE market for a good quarter, especially those leaders who topped the League Tables. Many of these firms are long-time clients of PlacementTracker, and we look forward to continuing to provide them with industry leading data, research, and analytics to help keep them on top of this market."
PlacementTracker's dynamically updating League Tables are available online at: http://www.sagientresearch.com/pt/leaguetables.cfm.
The 2009 U.S. PIPE Market Investment Banking League Table
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By Number of Transactions (through 3/31/09):
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Transaction Total Amount
Placement Agent Name Count Placed
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Rodman & Renshaw, LLC 6 $ 54,434,142
Piper Jaffray & Co. 3 $ 62,017,772
Midtown Partners & Co., LLC 3 $ 19,000,000
Lazard 2 $ 124,300,000
Roth Capital Partners, LLC 2 $ 9,845,000
SunTrust Robinson Humphrey, Inc. 1 $ 250,000,000
Leerink Swann & Co. 1 $ 45,516,940
Pritchard Capital Partners LLC 1 $ 43,615,000
RBC Capital Markets, Inc. 1 $ 40,000,000
J.P. Morgan Chase & Co. 1 $ 27,500,000
Apix International, Ltd. 1 $ 20,000,000
Canaccord Adams, Inc. 1 $ 15,076,952
Wunderlich Securities, Inc. 1 $ 10,125,000
Ferghana Partners, Inc. 1 $ 10,000,000
Philadelphia Brokerage Corporation 1 $ 6,350,000
Investment Banking rankings exclude all 144-A Offerings, Reg S Placements, Equity Lines of Credit, and all PIPE transactions conducted by Canadian issuers that trade in the U.S. on the Pink Sheets. On transactions where an investment banking firm has acted solely as Financial Advisor, that transaction has been excluded from that firm's ranking. Co-agented transactions award full transaction credit to all agents participating (regardless of status of lead agent or co-agent). Data is for closed transactions reported as of 4/1/09.
The 2009 U.S. PIPE Market Institutional Investor League Table
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By Number of Transactions (through 3/31/09):
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Transaction Total Amount
Investor Name Count Invested
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Downsview Capital, Inc. 4 $ 1,623,423
Proquest Associates, LLC 3 $ 19,999,998
Bay City Capital, LLC 3 $ 10,957,735
Frost Group, LLC (The) 2 $ 21,255,000
Gruber & McBaine Capital Management LLC 2 $ 2,756,823
Quercus Trust (The) 2 $ 1,578,223
Iroquois Capital L.P. 2 $ 199,166
Matlin Patterson Global Advisers LLC 1 $ 300,000,000
Olotoa Investments LLC 1 $ 300,000,000
Warburg Pincus, LLC 1 $ 175,241,797
Banco Inbursa 1 $ 125,000,000
Lion Capital LLC 1 $ 75,000,000
RJK, L.L.C. 1 $ 50,000,000
Harris Bank 1 $ 45,000,000
Oak Investment Partners 1 $ 40,000,000
Investor rankings exclude all 144-A Offerings, Reg S Placements, Equity Lines of Credit, and all PIPE transactions conducted by Canadian issuers that trade in the U.S. on the Pink Sheets. Investors classified as Corporate Investors and Insurance Companies have been excluded from this ranking. Data is for closed transactions reported as of 4/1/09.
The 2009 PIPE Market Issuer Counsel League Table
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By Number of Transactions (through 3/31/09):
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Transaction Total Amount
Legal Counsel Count Advised
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Cooley Godward Kronish LLP 4 $ 114,947,008
Sichenzia Ross Friedman Ference, LLP 4 $ 32,000,000
DLA Piper 4 $ 15,519,465
Pepper Hamilton, LLP 3 $ 53,322,210
Goodwin Procter, LLP 3 $ 41,750,000
Morgan, Lewis & Bockius, LLP 3 $ 14,027,997
Trombly Business Law 3 $ 4,694,353
Kutak Rock, LLP 2 $ 305,320,000
Stikeman Elliott LLP 2 $ 195,600,000
Wilson Sonsini Goodrich & Rosati 2 $ 183,491,797
Troutman Sanders, LLP 2 $ 160,300,000
Mintz, Levin, Cohn, Ferris, Glovsky &
Popeo, PC 2 $ 25,470,000
Cooley Godward, LLP 2 $ 14,465,483
Baker & McKenzie 2 $ 11,432,325
Graubard Miller 2 $ 9,845,000
Legal counsel rankings exclude all 144-A Offerings, Reg S Placements, Equity Lines of Credit, and all PIPE transactions conducted by Canadian issuers that trade in the U.S. on the Pink Sheets. Data is for closed transactions reported as of 4/1/09.
The 2009 PIPE Market Investor Counsel League Table
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By Number of Transactions (through 3/31/09):
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Transaction Total Amount
Legal Counsel Count Advised
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Greenberg Traurig, LLP 3 $ 52,615,000
Schulte Roth & Zabel, LLP 2 $ 15,521,208
Bingham McCutchen, LLP 2 $ 7,170,000
Lowenstein Sandler, PC 2 $ 3,500,000
Feldman Weinstein, LLP 2 $ 3,300,000
Sullivan & Cromwell 1 $ 300,000,000
Willkie, Farr & Gallagher 1 $ 175,241,797
Simpson Thacher Bartlett, LLP 1 $ 75,000,000
Alston & Bird, LLP 1 $ 52,500,000
Osler, Hoskin & Harcourt LLP 1 $ 45,600,000
Seward & Kissel 1 $ 43,615,000
Finn Dixon & Herling LLP 1 $ 40,000,000
Goodwin Procter, LLP 1 $ 32,000,007
Katten Muchin Rosenman, LLP 1 $ 27,500,000
Cleary, Gottlieb, Steen & Hamilton 1 $ 17,008,251
Legal counsel rankings exclude all 144-A Offerings, Reg S Placements, Equity Lines of Credit, and all PIPE transactions conducted by Canadian issuers that trade in the U.S. on the Pink Sheets. Data is for closed transactions reported as of 4/1/09.
The 2009 PIPE Market Placement Agent Counsel League Table
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By Number of Transactions (through 3/31/09):
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Transaction Total Amount
Legal Counsel Count Advised
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Lowenstein Sandler, PC 5 $ 14,539,353
Feldman Weinstein, LLP 4 $ 36,934,068
Latham & Watkins, LLP 2 $ 51,209,997
Goodwin Procter, LLP 2 $ 14,485,772
Skadden, Arps, Slate, Meagher & Flom, LLP 1 $ 300,000,000
Richardson & Patel, LLP 1 $ 300,000,000
Proskauer Rose, LLP 1 $ 24,300,000
Legal counsel rankings exclude all 144-A Offerings, Reg S Placements, Equity Lines of Credit, and all PIPE transactions conducted by Canadian issuers that trade in the U.S. on the Pink Sheets. Data is for closed transactions reported as of 4/1/09.
About Sagient Research Systems
Sagient Research Systems is a publisher of independent research. We develop, produce, and sell proprietary research products to mutual funds, hedge funds, and investment banks. Our business strategy is to continue to leverage our development, technology, and marketing expertise to solidify our position as a leading provider of independent research to the financial services and institutional investment communities. In both 2007 and 2008 Sagient Research was named to the Inc. 5000 list of fastest growing companies. For more information, please visit the Sagient Research Systems website at www.sagientresearch.com.