Ranked Leading Advisor in the De-SPAC Market
for 2023
Well Positioned to Build on Momentum in 2024
Driven by Increased Deal Volume
Announces Three New Appointments to
Senior Leadership Team with Nearly 50 Years of Combined
Experience
Top Ranked Industry Advisory Teams Including
#1 Bitcoin Banker by Hashrateindex
MENLO
PARK, Calif. and NEW
YORK, Jan. 17, 2024 /PRNewswire/ -- Cohen &
Company Capital Markets ("CCM" or "the firm"), a leading
full-service boutique investment bank, with a focus on mergers and
acquisitions (M&A), capital markets, and SPAC advisory, today
highlighted the firm's accomplishments throughout a successful 2023
and announced three new hires to its growing senior leadership
team.
Strong 2023 & Outlook for 2024
Despite challenges in the new issue markets, CCM was the leading
advisor in the de-SPAC market for the second year in a row. CCM
advised on 29 announced or closed de-SPAC deals, representing
nearly $16 billion in M&A volume,
amounting to an industry leading 28% market share in SPAC advisory.
Additionally, CCM was the most active advisor when including both
IPO issuance and de-SPAC advisory in 2023 and was also an advisor
in over 100 SPAC extensions, including many cashless
extensions.
De-SPAC Advisory Statistics for
2023
|
Rank
|
Advisor Name
|
Value ($M)
|
Market Share
|
Total Deal
Count
|
1
|
CCM
|
$15,953
|
27.9 %
|
29
|
2
|
Maxim Group
|
$956
|
5.5 %
|
9
|
3
|
EF Hutton
|
$1,304
|
4.8 %
|
8
|
4
|
Roth
Capital
|
$992
|
3.6 %
|
6
|
5
|
Citigroup
|
$7,894
|
3.0 %
|
5
|
6
|
Credit
Suisse
|
$7,299
|
3.0 %
|
5
|
7
|
Chardan
|
$27,369
|
2.4 %
|
4
|
8
|
EarlyBirdCapital
|
$957
|
2.4 %
|
4
|
9
|
Arc Group
|
$580
|
2.4 %
|
4
|
10
|
Jefferies
|
$1,319
|
1.8 %
|
3
|
11
|
TD Cowen
|
$1,252
|
1.8 %
|
3
|
12
|
BTIG
|
$1,045
|
1.8 %
|
3
|
13
|
UBS
|
$1,008
|
1.8 %
|
3
|
14
|
Morgan
Stanley
|
$4,824
|
1.2 %
|
2
|
15
|
BTG Pactual
|
$1,156
|
1.2 %
|
2
|
Total
|
|
$73,908
|
64.8 %
|
90
|
|
De-SPAC transactions
include all De-SPAC transactions announced or closed between
1/1/2023 – 12/31/2023 (1)
|
De-SPAC and IPO Advisory Statistics – Total
Transactions
|
CCM
|
29
|
Citi
|
16
|
J.P. Morgan
|
14
|
Jefferies
|
13
|
Bank of
America
|
12
|
Goldman
Sachs
|
12
|
Barclays
|
11
|
Stifel
|
11
|
Maxim
|
10
|
Piper
Sandler
|
10
|
IPOs include all registered US listed IPOs over
$20M in market value excluding SPAC
IPOs between 1/1/2023 – 12/31/2023 and De-SPAC transactions include all
De-SPAC transactions announced or closed between 1/1/2023 – 12/31/2023 (1)
CCM played a crucial role as an advisor in several significant
transactions, including:
- Powermers $2BN business
combination with OCA Acquisition Corp;
- Zoomcar's $903M business
combination with Innovative International Acquisition Corp;
- Blaize's $894M business
combination with BurTech Acquisition Corp;
- Athena Consumer's $848M business
combination with e.Go;
- GLAAM/Captivision's merger with Jaguar Global Growth Corp;
and
- Peak Mining's purchase of a 300 MV mining data center
site.
"Reflecting on CCM's progress, this past year has been a
testament to our team's resilience and ability to successfully
adapt to market fluctuations," said Dan
Nash, Co-founder, and Head of Investment Banking at CCM. "We
continue to innovate, finding creative solutions to navigate our
clients through all markets. Over the past two years, the de-SPAC
market remained a viable avenue for issuers to access the public
markets, and there are strong indicators that demand for new SPAC
issuance is likely to increase into the new year."
Nash continued, "We expect to see increased activity across
multiple products beyond SPACs throughout 2024. After two
years of slower M&A activity, we believe there are signs
that buyers and sellers are bridging the gap in price expectations,
and increased activity from private equity will combine to drive a
recovery in M&A activity in 2024. Additionally, we expect
to see increased activity from clients looking to recapitalize
businesses, as improved access to credit markets will allow another
path for liquidity for investors."
Capital Markets 2023 Year in Review
Over the past year, the capital markets continued to recover
from recent volatility. Disinflation progress and a resilient
economic backdrop helped drive positive year-end equities momentum
and the growth of the soft-landing narrative. 2024 outlook
continues to trend upwards as investors balance expectations for
meaningful Fed easing and possible slowing with positive economic
growth.
New issue markets remained challenged throughout the year. IPO
issuers faced difficulties with demand as several high-profile
issuers experienced underwhelming starts. Despite these headwinds,
the follow-on market showed signs of improvement in 2023 over 2022.
Follow-on issuers were able to utilize positive market momentum to
gain access to public capital, with issuance volumes increasing
approximately 30% from 2022 levels. CCM believes the volume of IPO
candidates will continue to grow in 2024, with many companies
well-positioned to capitalize on the recent market momentum.
SPAC IPO issuance also decreased from 2022 levels as demand for
new SPACs was offset by a significant increase in SPAC extensions.
However, with elevated SPAC liquidations returning earmarked
capital to investors, demand for new SPAC issuance is showing signs
of strengthening in 2024.
The de-SPAC market remained a prominent and viable avenue for
issuers to access the public markets in 2023, particularly in the
healthcare and technology industries. De-SPAC issuers navigated the
challenging market backdrop by implementing creative funding
solutions including convertible notes, IP notes, FPA-like
structures, and equity lines of credit. 2023 de-SPACs performed
better than those closed in 2022, as de-SPACs with more mature
business models, stronger fundamentals, and more attractive
valuations received greater market receptivity.
New Issuance Market Overview
|
Status
|
2021
|
2022
|
2023
|
2022-2023
% Change
|
2021-2023
% Change
|
IPOs
|
347
|
34
|
40
|
17.6 %
|
(88.4 %)
|
Follow-Ons
|
755
|
285
|
372
|
30.5 %
|
(50.7 %)
|
SPAC IPOs
|
613
|
86
|
31
|
(64.0 %)
|
(94.9 %)
|
Announced De-SPACs
|
225
|
128
|
138
|
7.8 %
|
(38.7 %)
|
Closed De-SPACs
|
199
|
102
|
98
|
(3.9 %)
|
(50.8 %)
|
|
IPOs include all
registered US listed IPOs over $20M in market value excluding SPAC
IPOs between 1/1/2023 –
12/31/2023 and De-SPAC transactions include all De-SPAC
transactions announced or closed between 1/1/2023 –
12/31/2023 (1)
|
Jerry Serowik, Co-Founder and Head of Capital Markets at
CCM, commented, "As we enter the new year, and inflation continues
to level out, economic growth is bound to slow. This, in turn, may
have a positive impact on the IPO market. With global inflation
easing and a potential reduction of interest rates, investors are
likely to experience more reliable returns on IPO investments. That
said, there still seems to be hesitancy towards the IPO market, and
business combinations have produced improved outcomes for issuers.
SPACs offer a unique value proposition, and as a firm, we are
optimistic about the continued opportunity for de-SPACs."
Top Ranked Industry Coverage Investment Teams
Christian Lopez, Head of
Blockchain & Digital Infrastructure at CCM, has been recognized
as the number one investment banker in Bitcoin mining
in 2023 by the Hashrateindex annual rankings. His initiatives
within the space, including a number of roles in
Bitcoin mining transactions, have garnered him
continued accolades. In 2023, he played a pivotal role in several
Bitcoin mining transactions including advising Peak
Mining's purchase of a 300 MV mining data center site in
Corpus Christi, Texas, Akron
Energy's acquisition of a 200 MV site in Ohio, and Blockstream's $125 million convertible debt offering.
Recent Additions to Senior Leadership Team
After a remarkable year of execution and expansion, the firm is
delighted to announce the hiring of Sean
Bernsohn, Zac Costello, and
Steve Weiner, three highly regarded
senior bankers who will continue to drive CCM forward as a leading
strategic advisor. The appointments of Bernsohn,
Costello, and Weiner come following the hiring of Gary Quin, who was recently brought on to lead
the firm's efforts in Europe, the
Middle East, and Africa.
- Sean Bernsohn brings 20 years of
expertise in debt capital markets, restructuring, and arranging
financing in the syndicated loan, high yield, and private debt
markets.
- Zac Costello has more than 13
years of Wall Street experience across capital markets, sales and
trading, and private placements.
- Steve Weiner spent the last 15
years in technology M&A and corporate finance.
"We are extremely excited to bring Sean, Zac, and Steve on
board at Cohen & Company Capital Markets," said Jerry Serowik. "Their extensive track records in
pivotal roles across leading financial institutions underscore
their capabilities in driving exceptional outcomes for clients.
Their expertise in M&A, debt, and equity capital markets aligns
well with our vision for continued growth and excellence in
delivering top-tier solutions to our clients and
partners."
Nash noted, "The momentum CCM has gained throughout 2023 is both
encouraging and indicative of shifting sentiments in the market.
The CCM team has been our strongest asset, playing a significant
role in our ability to effectively advise clients across multiple
products and sectors, expanding our reach dramatically in our first
three years."
Outside of the firm's expertise in M&A, capital markets, and
SPAC advisory, CCM has deep expertise in a number of verticals such
as blockchain and digital assets, auto-tech, clean-tech, cyber
security, and other emerging, high-growth industry
verticals. CCM's full suite of banking products, combined with
a broad spectrum of sector competencies has contributed to the
firm's continued positive performance and growth.
About Sean Bernsohn
Sean Bernsohn brings more than 20
years of experience in the debt capital markets and
restructuring. With a track record of orchestrating transactions
exceeding $100 billion in total for a
broad spectrum of clients, including top-tier financial sponsors
and public companies, Sean possesses deep expertise in arranging
financing in the syndicated loan, high yield, and private
credit markets. Alongside his expertise in leveraged finance,
he has also provided advice to debtors and creditors amidst
complex distressed and workout scenarios. Recent notable
corporate clients include AES, Isagenix, FirstBrands,
McDermott, Lycra, TerraForm Power,
TerraForm Global, and Fairmont Santrol. In addition,
Sean has also advised various lender / creditor groups, including
Rodan + Fields, PetSmart, PHI, and Lehman Brothers Holdings.
Prior to CCM, Sean led the successful launch and development of
FTI Consulting's debt capital markets advisory effort. He
has advised several prominent institutions, including the
Federal Reserve Bank of Boston,
and served as a guest lecturer at Carnegie Mellon University on topics related to
corporate debt. Prior to FTI Consulting, Sean served as a Director
within Barclays Natural Resources Leveraged Finance Group and
as a Vice President within the RBC Capital
Markets Leveraged Finance Group. During his time at
Barclays and RBC, he facilitated and syndicated substantial
committed debt financing packages for both financial
sponsors and corporate issuers. Sean graduated with an MBA
from New York University's Leonard N. Stern School of Business and a BSc
Hons. in economics from the London School of
Economics and Political Science.
About Steve
Weiner
Steve Weiner brings more than 15
years of multifaceted experience in investment banking and
corporate finance, specializing in buy and sell-side mergers and
acquisitions. With a robust background in mergers and acquisitions,
across a diverse set of sectors encompassing technology, consumer,
and financial industries, Steve has played a critical role in
structuring and negotiating more than 50
M&A transactions exceeding $200
billion in value. Some notable deals include strategic
initiatives on Elon Musk's
acquisition of Twitter, negotiations for Vestiaire Collective on
its cross-border acquisition of Tradesy, and leading RTL's
successful sale of SpotX to Magnite.
Prior to CCM, Steve was in technology M&A investment banking
at Morgan Stanley where he acted as a strategic leader, driving
technology acquisitions, divestitures, strategic investments, joint
ventures, and partnerships. Steve also spent nearly ten years at
J.P. Morgan Technology M&A Investment Banking, further
showcasing his adeptness in driving strategic technology
transactions, expertise in deal sourcing, relationship building,
and managing cross-functional due diligence processes. During his
tenure at J.P. Morgan, he contributed to several successful deals,
including the sale of Ring to Amazon and the merger of IAC's
HomeAdvisor business with Angie's List. Steve holds an MBA from The
Wharton School at the University of
Pennsylvania and received a B.S. in Accounting and Economics
from the Pennsylvania State University.
About Zac Costello
Zac Costello has more than 13
years of Wall Street expertise in capital markets, sales and
trading, and private placements. Zac has extensive experience
aiding private companies with their capital raise needs,
originating private placement opportunities, and executing on IPOs,
follow-ons, convertible notes, and SPAC transactions. Prior to
joining CCM, Zac worked on the private placements team within
Equity Capital Markets at Citigroup, helping private companies
raise money across the capital structure. Prior to that, Zac was a
deal captain on the syndicate desk, responsible for executing IPOs,
follow-ons, convertible notes, PIPEs, and block trades, also
advising on numerous SPAC transactions. Additionally, Zac helped
spearhead the international syndicate effort, marketing deals
from around the globe to NAM investors. Before joining Equity
Capital Markets, Zac worked as a sales trader in Delta One and
Securities Lending. Some of Zac's most notable deals include Nu
Holdings IPO, the business combination of Black Rifle Coffee, and
CI&T's IPO. Zac graduated with an MBA from New York University's Leonard N. Stern School of Business and a B.S.
in economics from the University of
Pennsylvania.
About Cohen & Company Capital Markets
Cohen & Company Capital Markets ("CCM"), a division of
J.V.B. Financial Group, LLC, has offices in New York City and Menlo Park, California. CCM was founded in
2021 and has established itself as an elite full-service boutique
investment banking firm with differentiated product expertise and
bulge bracket DNA. We partner with leading and emerging companies
across sectors to address strategic and financial opportunities,
and leverage a strong reputation, broad network, and superior
execution to serve our clients' interest first and always. CCM's
indirect parent is Cohen & Company Inc. (NYSE American:
COHN).
Citations
(1) SPAC Insider, Data as of 12/31/2022
FactSet, Data as of 12/29/2023
Dealogic, Data as of 12/29/2023
EY "Global IPO Trends 2023 Report," Data as of 12/14/2023
JPMorgan "Eye On the Market | Outlook 2024," Data as of
1/1/2024
Media Contact:
Lauren Raimondo
lraimondo@cohencm.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/cohen--company-capital-markets-highlights-strong-2023-302037012.html
SOURCE Cohen & Company Capital Markets