NEW YORK — Boutique investment bank Perella Weinberg Partners (“PWP”) has agreed to acquire Tudor, Pickering, Holt & Co. (“TPH”) of Houston. Deal terms weren’t disclosed.
The combined firm will continue to be called Perella Weinberg Partners; TPH’s energy practice will continue to operate as Tudor, Pickering, Holt & Co. The deal is expected to close in the fourth quarter of this year. PWP’s founding investors will remain shareholders in the combined company, with some providing additional growth capital.
The combination of these two firms will create an investment banking and asset management leader well-positioned to grow through increased scale, expertise and geographic reach. The combined firm will provide financial advisory services, asset management solutions, and energy securities research, underwriting and trading services to a broad, global client base.
Perella Weinberg, based in New York, currently has 450 employees and $10.2 billion in managed assets.
The new Perella Weinberg will have over $12 billion in assets under management, and more than 650 employees across eight offices in New York, Houston, London, Denver, San Francisco, Dubai, Abu Dhabi, and Calgary.
Robert Steel, Chief Executive Officer of Perella Weinberg Partners, said, “The addition of TPH’s premier energy capabilities and market presence presents significant opportunities for immediate and long-term growth in service to our clients. We recognize the preeminent role that TPH has built as an energy banker in North America, the respect it has earned in the industry, and its leadership and strong voice in Houston. This combination will enable us together to build further on the great achievements of TPH. We believe TPH’s strong suite of asset management strategies and solutions are poised to benefit from recovery in the energy market and well-suited to drive further growth and value for investors. The combination also adds TPH’s securities business, renowned for its deep domain research and thought-leadership, which will strengthen our ability to provide industry knowledge. We are excited to work together to better serve our clients.”