Piper Sandler to Acquire Government Services and Defense Technology M&A Boutique, G Squared Capital Partners

Piper Sandler Companies (NYSE:PIPR), a leading investment bank, announced today that it has entered into a definitive agreement to acquire G Squared Capital Partners, a premier boutique investment bank specializing in government services and defense technology based in the Washington, D.C. area.

G Squared was founded in 2020 by Greg Nossaman and Greg Woodford, seasoned veterans each with over 20 years of experience in government services and defense technology. Previously, Nossaman was a senior managing director at The McLean Group and one of the founding employees at The Windsor Group. Woodford was a senior management director at The McLean Group and a managing director at BB&T Capital Markets.

The addition of G Squared enhances the Piper Sandler technology investment banking team with dedicated coverage of the government services and defense technology market. Ten professionals will join the firm as part of the transaction, including three managing directors.

"G Squared has built a highly respected advisory practice serving companies at the intersection of technology, national security and mission-critical government priorities," said Brian White, co-head of technology investment banking at Piper Sandler. "We are excited to bring together their deep government sector experience with our cybersecurity and broader technology expertise to deliver differentiated advice to clients in the rapidly growing government and defense technology market. This acquisition furthers the growth of our technology investment banking platform."

"What drew us to Piper Sandler was the alignment—they share our entrepreneurial spirit, our respect for deep sector expertise and our commitment to doing the work the right way," said Greg Nossaman, co-founder of G Squared Capital Partners.

"We're excited about the reach and resources this gives us to better serve our clients. Through expanded product capabilities with debt capital markets, equity capital markets, private capital advisory and restructuring, and deeper relationships across the market, our combination offers new ways to help our clients grow and win," said Greg Woodford, co-founder of G Squared Capital Partners.

The transaction is expected to close in the third quarter of 2025 and is subject to customary closing conditions.

Piper Sandler was advised by Faegre Drinker Biddle & Reath and G Squared Capital Partners was advised by Holland & Knight in connection with the transaction.

About G Squared Capital Partners

Founded in 2020, G Squared Capital Partners provides M&A advisory services to private equity-backed platforms, founder-owned businesses and publicly traded companies serving the U.S. federal government. The firm has completed over 50 transactions since inception—including eight year-to-date in 2025—with its principals having advised on more than 200 transactions across the defense and government landscape. G Squared brings deep domain expertise across priority market segments, including digital modernization, cybersecurity, space, software development, health IT, the intelligence community, and other mission-driven areas. Learn more at gsquaredcap.com.

About Piper Sandler

Piper Sandler is a leading investment bank driven to help clients Realize the Power of Partnership®. Through a distinct combination of candid counsel, focused expertise and empowered employees, we deliver insight and impact to each and every relationship. Our proven advisory teams combine deep product and sector expertise with ready access to global capital. Founded in 1895, the firm is headquartered in Minneapolis with offices across the United States and in London, Aberdeen, Zurich, Munich and Hong Kong. Learn more at pipersandler.com.

Cautionary Note Regarding Forward-Looking Information

This announcement contains forward-looking statements. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements. These forward-looking statements cover, among other things, the future prospects and growth of the Company. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated, including the following: (1) the transaction described in this announcement is subject to customary closing conditions and may not close on the expected timing or at all; (2) the costs or difficulties relating to the combination of the businesses may be greater than expected and may adversely affect our results of operations and financial condition and our ability to realize anticipated synergies from the transaction; (3) the expected benefits of the transaction may take longer than anticipated to achieve and may not be achieved in their entirety or at all, and will in part depend on the ability of the Company to retain and hire key personnel and maintain relationships with its clients; (4) developments in market and economic conditions have in the past adversely affected, and may in the future adversely affect, the business and profitability of the Company generally and its investment banking business specifically; and (5) other factors identified under "Risk Factors" in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, and updated in our subsequent reports filed with the SEC. These reports are available at www.pipersandler.com or www.sec.gov. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them in light of new information or future events.

Piper Sandler Companies (NYSE:PIPR) is a leading investment bank driven to help clients Realize the Power of Partnership®. Securities brokerage and investment banking services are offered in the U.S. through Piper Sandler & Co., member SIPC and NYSE; in the U.K. through Piper Sandler Ltd., authorized and regulated by the U.K. Financial Conduct Authority; in the EU through Aviditi Capital Advisors Europe GmbH, authorized and regulated by BaFin as a tied agent of AHP Capital Management GmbH; and in Hong Kong through Piper Sandler Hong Kong Limited, authorized and regulated by the Securities and Futures Commission. Alternative asset management and fixed income advisory services are offered through separately registered advisory affiliates.

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Nick Lawler

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