Cowen, Inc.

Cowen, Inc.

Cowen, Inc.

Overview
Date Founded

2009

Headquarters

599 LEXINGTON AVENUE 20TH FLOOR NEW YORK NY 10022

Type of Company

Public

Employees (Worldwide)

1,364

Industries

Investment Banking & Brokerage

Company Description

Cowen and Company offers comprehensive investment banking services, including equity and convertible debt financings, private placements of equity and debt, restricted security sales, mergers and acquisitions advisory services including strategic alliances and joint ventures. In addition, we offer our clients access to world-class research, as well as institutional sales and trading services. Drawing upon the depth of our research and industry knowledge, we specialize in the key areas of growth in our economy. Our industry sector expertise includes Health Care, Technology, Media & Telecommunications, Consumer, and Aerospace & Defense. In addition, we offer extensive and focused after market trading services as a leading market maker in our target sectors. While our principal product is knowledge, meeting the demands of our clients is our first order of business. We are convinced that the fundamental tenets that served us so well in the past century – uncompromising service, time-honored ethics, and a dedication to helping clients capitalize on change – will serve us well in this century.

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Executives & Employees

Chair & Chief Executive Officer

Managing Partner of Cowen Healthcare Investments

Managing Director & Chief Financial Officer

Chief Operating Officer & Managing Director

Managing Director, General Counsel & Secretary

Managing Director & Head, Marketing

Managing Director & Head of Mid-Atlantic Equity Sales, Equity Sales & Trading

Managing Director & Co-Head-Technology, Media & Telecom Banking Team

Head of Real Estate, Ramius

Co-Head of Equities, Cowen & Company

Board of Directors

Chair & Chief Executive Officer at Cowen, Inc.

Co-Founder at BBR Partners LLC

Former Co-Chairman at Birch Grove Capital LP

Former Global Chief Operating Officer-Investment Banking at Credit Suisse First Boston Corp.

Advisory Partner at Integrated Capital LLC

Co-Founder at Crux Informatics, Inc.

Nonresident Senior Fellow-Foreign Policy & Global Economy & Development, Center on the United States & Europe at The Brookings Institution

Project Coordinator, Community Partners at Harvard Business School Club of New York

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Cowen, Inc.
Owners & Shareholders
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Arbiter Partners invest with a long-term horizon, looking 1-3 years out for positions across likely economic, industry, and investment fashion cycles which aims to maximize long-term capital appreciation. They employ bottom-up criteria in considering the risk-return characteristics of specific instruments, although these may take place within a broader industry or cyclical thesis. Their primary funds are opportunistic and invest primarily in equities, fixed income, and derivatives using a variety of long/short strategies. Their investments are global in scope and across the range of instruments, including ETFs, closed end mutual funds, and the occasional private placement.

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Philadelphia Financial manages private investment funds that seek to maximize total returns by investing primarily in the financial service industry. The firm invests predominantly (but not exclusively) in US and Canadian publicly-traded securities of finance companies including: banks, thrifts, brokers, asset managers, insurance, mortgage, specialty finance, REITs, homebuilders, financial technology, and other financial intermediaries. Although the predominant emphasis is on the financial sector, they may invest a portion of the fund’s assets in other sectors in which we have investment experience, such as the automotive sector. Philadelphia Financial takes long positions primarily in undervalued small- to medium-sized companies they believe offer attractive investment opportunities while shorting those with deteriorating fundamentals, questionable accounting practices, or flawed business models.

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Heartland Advisors is an active, value-based investor that aims to provide superior risk-adjusted returns and limit downside participation. The firm looks for under-researched, under-followed and under-valued securities of well-managed companies with strong balance sheets. They typically sell securities when they consider them to be overvalued relative to other investments. Portfolio managers and research analysts work side-by-side to apply a bottom-up approach that combines traditional fundamental analysis.

Recent Transactions
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Cresco Labs, Inc. purchases Bluma Wellness, Inc.

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Mountain Crest Acquisition Corp. II purchases Better Therapeutics LLC

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Greenlane Holdings, Inc. purchases KushCo Holdings, Inc.

Transaction Clients
Investment Advisor

Advised on Andina Acquisition Corp. III purchases Stryve Foods LLC

Investment Advisor

Advised on Akerna Corp. purchases Ample Organics, Inc. from Green Acre Capital

Investment Advisor

Advised on Alphatec Holdings, Inc. purchases EOS Imaging SA

Insider Transactions
Details Hidden
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Transaction Advisors
Legal Advisor

Advised onCowen, Inc. purchases LaBranche & Co. Inc.

Legal Advisor

Advised onCowen, Inc. purchases Belré SA from Vitrufin SA

Underwriter

Advised onCowen, Inc. issued USD Common Stock

Legal Advisor

Advised onCowen, Inc. purchases Quarton International AG

Legal Advisor

Advised onCowen, Inc. purchases Quarton International AG

Legal Advisor

Advised onCowen, Inc. purchases Conifer Securities LLC from The Conifer Group LLC

Advisors & Consultants
Advisor

Chairman & Chief Executive Officer at Andover National Corp.

Senior Advisor

Limited Partner at Lead Edge Capital Management LLC

Legal Advisor

Partner at Cooley LLP

Clients

Medicrea International SA engages in the design, development, manufacture and distribution of orthopedic implants dedicated to spinal surgery. The firm provides neurosurgeons and orthopedic surgeons specialized in the spine with new and less-invasive surgical solutions. It operates under the brand names PASSmed System, Osmosys, Impix and Neovix. The company was founded by Denys Sournac and Jean-Philippe Caffiero in 2002 and is headquartered in Rillieux-la-Pape, France.

Key Stats and Financials As of 2020
Market Capitalization
$1.01B
Total Enterprise Value
$1.15B
Earnings Per Share
$7.1
Revenue
$1.76B
Net Profit
$216M
Total Equity
$1.17B
Total Debt
$3.03B
EBITDAMargin
17.05%
EBITDA
$299M
Enterprise Value / Sales
0.65x
TEVNet Income
5.29x
Debt TEV
2.64x
Three Year Compounded Annual Growth Rate Of Revenue
32.62%
Enterprise Value EBITDAOperating
3.55x
Non-Profit Donations & Grants
$2,500 - $4,999
2019
$10K - $20K
2018
$1,000 - $50K
2018
Investments
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KemPharm, Inc. is a clinical-stage specialty pharmaceutical company, which engages in the discovery and development of proprietary prodrugs. It focuses on the treatment of serious medical conditions such as attention deficit hyperactivity disorder, pain, and other central nervous system disorders through its platform technology known as Ligand Activated Therapy. The company was founded by Christal M. M. Mickle and Travis C. Mickle on October 30, 2006 and is headquartered in Celebration, FL.

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Proterra, Inc. designs and manufactures zero-emission battery electric transit solutions. The firm specializes in the development and assembly of fuel cell hybrid-powered transit vehicles. The firm also produces and uses lithium titan ate batteries that can be charged through installed charging stations at curbside pullouts, in a building or at a bus stop. It also provides assisted automatic docking devices.

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Livongo Health, Inc. engages in the development and operation of consumer digital health platform. It offers Livongo for Diabetes, Livongo for Hypertension, Livongo for Prediabetes and Weight Management, and Livongo for Behavioral Health by myStrength. The company was founded by Kimon Angelides and Glen E. Tullman on October 16, 2008 and is headquartered in Mountain View, CA.

Investors
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Founder & Managing Partner at Healthcare Royalty Management LLC

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Former Vice Chairman & Chief Operating Officer at ConvergEx, Inc.

Suppliers
Agenus Inc. Medical Support Services | Lexington, MA

Agenus, Inc. is a clinical-stage immuno-oncology company, which engages in the development and commercialization of technologies to treat cancers and infectious diseases. Its product pipeline includes Balstilimab, Zalifrelimab, AGEN1181, AGEN1327, and AGEN1777. The company was founded by Garo H. Armen and Pramod K. Srivastava in March 31, 1994 and is headquartered in Lexington, MA.

Competitors
Wells Fargo & Co. Retail & Commercial Banking - Minneapolis, MN

Wells Fargo & Co. is a diversified, community-based financial services company. It is engaged in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance. It firm operates through the following segments: Community Banking, Wholesale Banking, Wealth & Investment Management, and Other. The Community Banking segment offers complete line of diversified financial products and services for consumers and small businesses including checking and savings accounts, credit and debit cards, and automobile, student, and small business lending. The Wholesale Banking segment provides financial solutions to businesses across the United States and globally. The Wealth and Investment Management segment includes personalized wealth management, investment and retirement products and services to clients across U.S. based businesses. The Other segment refers to the products of WIM customers served through community banking distribution channels. The company was founded by Henry Wells and William G. Fargo on March 18, 1852 and is headquartered in San Francisco, CA.

Jefferies Financial Group, Inc. Investment Banking & Brokerage - New York, NY

Jefferies Financial Group, Inc. is a holding company, which engages in the provision of financial services. It operates through the following segments: Investment Banking, Capital Markets, and Asset Management; Merchant Banking; and Corporate segments. The Investment Banking, Capital Markets, and Asset Management segment consists of investments in Jefferies Group. The Merchant Banking segment includes various merchant banking businesses and investments, primarily including Linkem, Vitesse Energy Finance and JETX Energy, real estate, Idaho Timber, and FXCM. The Corporate segment pertains to cash and cash equivalents, financial instruments owned, and deferred tax asset of the firm. The company was founded in 1968 and is headquartered in New York, NY.

Stifel Financial Corp. Investment Banking & Brokerage - St. Louis, MO

Stifel Financial Corp. is a full-service regional brokerage and investment banking firm, established in 1890 and based in St. Louis, Missouri. The Company provides securities brokerage, investment banking, trading, investment advisory, and related financial services through its wholly owned subsidiaries, primarily Stifel, Nicolaus & Company, Incorporated, to individual investors, professional money managers, businesses, and municipalities.

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