Pacific Crest Securities, the leading technology-focused investment banking firm, announced today that it has completed a $30 million growth investment from CIVC Partners, based in Chicago, and Caltius Partners, based in Los Angeles.
Under the terms of the transaction, CIVC and Caltius together will hold a minority ownership position in Pacific Crest. Daniel Helle, Partner of CIVC, will join Pacific Crest's Board of Directors.
"We are pleased to have completed this investment as it is validation of the success of our single sector model, strength of our team and size of our future growth opportunities," said Scott E. Sandbo, Chairman and CEO of Pacific Crest Securities. "Coupled with Pacific Crest's strong market position and momentum, this investment will facilitate the acceleration of our key initiatives and market share gains."
"We are impressed with Pacific Crest and excited about our investment," said Daniel Helle, Partner at CIVC. "Pacific Crest has a highly differentiated and very profitable business model. We look forward to working with Pacific Crest to assist in capitalizing on its substantial market opportunities."
Pacific Crest's exclusive focus on technology has produced award-winning research and generated strong operating and financial results. In 2007, the firm posted its fifth consecutive year of record revenues and record profits. Pacific Crest has received Institutional Investor's "Top Tech Boutique" award for six consecutive years. Additionally, in 2007 the firm was co-manager on 12 public offerings that raised $3.5 billion for some of the leading tech companies in the world, including Alibaba, Data Domain, MercadoLibre and SuccessFactors. Pacific Crest intends to accelerate its growth plans in its equity research, sales and trading, and investment banking groups by expanding coverage, developing new products and adding staff. -- Pacific Crest Securities
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