Pickering Energy Partners, an independent energy stock research firm, has teamed up with a merchant bank to create an energy-focused boutique investment house.
Pickering teamed up with Tudor Capital, a merchant banking and financial advisory firm started by former Goldman Sachs Managing Director Bobby Tudor. The new firm will be called Tudor, Pickering & Co and will offer a range of investment banking services, including securities underwriting, capital raising and advice on mergers and acquisitions.
Under terms of the deal, Tudor will serve as chairman and chief executive of Tudor Pickering. Alexandra Pruner, former publisher of World Oil magazine, will serve as a partner and chief financial officer. Pickering Energy founder Dan Pickering will remain with the company overseeing research and sales.
Pickering's 25-person research team will also join Tudor's operations.
Pickering said there is a need for an investment banking boutique for the energy sector due to an influx of capital and a period of rising commodity prices.
"We are on the brink of a new phase of capital restructuring in the energy markets," Pickering said.
Pickering added that the deal with Tudor was a natural progression for his firm as it expanded from being a provider of data and research to helping clients raise capital.
The new firm is beginning to build out its investment banking team and is looking to make several hires in coming months.
The transaction is subject to regulatory approval and is expected to close during the second quarter. Financial terms were not disclosed.