Boutique Shopping

We are circling back to some stories that were lost in the shuffle of earnings season...including the sale last week of San Francisco based boutique ThinkEquity Partners .

Michael Moe’s blog is mum...but he is ringing the register just as the deal calendar for technology issues begins to thaw...

Panmure Gordon & Co. Announces Merger with ThinkEquity Partners Combination to Establish Global Platform for Investment Banking
San Francisco and London — February 20, 2007 — Panmure Gordon & Co. plc ("Panmure Gordon"), the corporate and institutional stockbroker, today announced that it has entered into a definitive agreement to merge with ThinkEquity Partners LLC ("ThinkEquity"), a US-based, research-centric institutional investment firm focused on the growth economy.
ThinkEquity Partners website

Moe money for Mike and co-founder Deborah Quazzo should help them take advantage of athe improving environment for technology banking...and they are signing on for a 40-month tour of duty with the Brits:

On completion of the acquisition, Michael Moe and Deborah Quazzo will be invited to join the Board of Panmure Gordon. Michael and Deborah will both enter into service agreements with ThinkEquity Holdings LLC for an initial period of 40 months at a basic salary of $250,000 per annum and will be eligible to receive an annual discretionary bonus. press release

The dynamic duo have done an admirable job fighting headwinds in the form of ever shrinking commission payouts, growing the business from $12.2 million in revenue in 2002 to the current $64 million run rate:

2006 Revenue in millions

Investment Banking $23,712
Institutional Brokerage $32,451
Wealth Management $7,458
Other $ 393

Panmure Gordon & Co operates primarily in the City of London

Global markets are open 1440 minutes a day...this is unlikely to be the last alliance we see as boutiques seek to expand their distribution capabilities and strengthen their competitive positioning.

The Brits timing might be fortuitous..technology bulls are no doubt encouraged by the success of recent IPO’s such as Riverbed Technology (RVBD-NASDAQ) and Acme Packet (APKT-NASDAQ) ...and the upcoming Clearwire deal should be another litmus test for technology IPO’s. Stay tuned.
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The content contained in this blog represents the opinions of underthecounter. This commentary in no way constitutes a solicitation of business or investment advice. It is intended solely for the entertainment of the reader, and the author. StockJockey holds a long position in Riverbed Technology

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