Panmure_Gordon_&_Co.

Panmure Gordon

Panmure Gordon

UK investment bank


Panmure Gordon is a UK based investment bank. It provides a full range of services including investment banking, trading, research and sales with distribution to the UK, Europe and the US. Panmure Gordon has 150 UK listed corporate clients, over 400 institutional clients, provides research on over 200 companies, makes markets in over 400 stocks and offers broad coverage of publicly listed companies.

Quick Facts Company type, Industry ...

The firm is headquartered in the City of London at 40 Gracechurch Street.

Employing 150 people, Panmure Gordon is led by chief executive, Rich Ricci, who was appointed in 2020.

In 2009, Panmure Gordon welcomed QInvest, the leading investment bank in Qatar, as a strategic investor. In 2017 Panmure Gordon was acquired by Ellsworthy Limited, an entity owned and controlled by QInvest LLC and by a wholly owned subsidiary of a fund managed by Atlas Merchant Capital LLC.

History

The firm was founded in 1876 by Harry Panmure Gordon (1837-September 1, 1902) as Gordon & Co. and was subsequently renamed H. Panmure Gordon & Company. The firm's founder was a well-known member of the financial community in London and in 1892 H. Panmure Gordon wrote the book Land of the Almighty Dollar, a critical review of the U.S., particularly New York and Chicago.[2] Panmure Gordon initially specialized in debt offerings for foreign governments. The firm also developed a reputation for conducting offerings for a large number of British and American breweries, including for the San Francisco Brewing Company in 1890.[3]

The company remained a small but influential player, primarily acting as a broker for a number of foreign governments. However, the firm largely avoids the wave of consolidation in the 1960s and 1970s, making only one small acquisition with the purchase of Windsor & Mabey in 1961.

In 1987, the firm was acquired by NationsBank (later part of Bank of America ending more than a century as an independent firm. The firm would be sold again in 1996 to the German bank WestLB, however, the firm would languish as the overall bank experienced various issues in the late 1990s and early 2000s. As part of a major restructuring of the bank, Panmure Gordon was sold again in 2004 to Lazard for the nominal amount of $18 million.[4][5][6] In February 2005, Lazard merged Panmure Gordon with a small listed brokerage firm, Durlacher, which had lost money trying to establish a venture funding business during the dot-com boom.[7] The combination resulted in Panmure Gordon once again becoming an independent firm with Lazard retaining a 33% stake in the company which was listed on London's AIM.[8]

In 2006, the firm entered into a joint venture with the Bank of Scotland, known as Panmure Capital, that provided financing for companies that are close to an initial public offering on London's AIM.[9] In March 2007 Panmure Gordon acquired ThinkEquity Partners, LLC a US-based investment bank.[10]

By 2007, Lazard had sold its remaining interest in the firm[11] and amidst the Financial crisis of 2007–2009, Panmure Gordon instead raised capital from outside investors. In April, Panmure Gordon announced that it had received a £17.3 million cash injection from BlueGem Capital Partners, a private equity firm.[12] However, subsequently a higher bidder emerged and on 6 August 2009 the company announced the completion of a sale of a 47.1% stake in the business to[13] QInvest, the largest investment bank in Qatar.[14][15][16][17]


References

  1. "Panmure - Heritage". Archived from the original on 2015-09-07. Retrieved 2015-08-05.
  2. WestLB: Battling To Get Off The Ropes. BusinessWeek, February 9, 2004
  3. Lazard puts Panmure Gordon to work. Financial News, February 2, 2004
  4. Dot.coms sting Durlacher for £14m, in The Guardian, 1 March 2001
  5. Lazard set to sell Panmure slice. Financial Times, May 8, 2007
  6. "Regulatory Announcements". Archived from the original on 2012-02-14. Retrieved 2012-06-29.

Further reading


Share this article:

This article uses material from the Wikipedia article Panmure_Gordon_&_Co., and is written by contributors. Text is available under a CC BY-SA 4.0 International License; additional terms may apply. Images, videos and audio are available under their respective licenses.