Cowen, Inc.

Cowen, Inc.

Cowen, Inc.

Overview
Date Founded

2009

Headquarters

599 Lexington Avenue, 20th Floor, New York, NY, 10022, USA

Type of Company

Public

Employees (Worldwide)

1,212

Industries

Investment Banking & Brokerage
Accounting & Financial Services

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.

Contact Data
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Executives & Employees

Director, Chief Executive Officer of the Company & Cowen & Company, LLC

Managing Partner of Cowen Healthcare Investments

Co-President

Co-President

Managing Director & Chief Financial Officer

Managing Director & Chief Operating Officer

General Counsel & Secretary

Managing Director & Chief Information Officer

Managing Director & Head, Marketing & Client Services

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

Board of Directors

Professional at Cowen, Inc.

Interim Chief Executive Officer at Cowen Investment Advisors LLC

Chief Executive Officer at Cowen and Company LLC

Co-Founder at BBR Partners LLC

Senior Partner at Willkie Farr & Gallagher LLP

Professional at Matthews International Corp.

Professional at Gilbert Global Equity Partners LP

Co-Founder at Crux Informatics, Inc.

Senior Advisor at Chart Capital Partners

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 Capital Partners is the investment manager for four investment partnerships operated under the Arbiter name. Three of these partnerships (their primary funds) are opportunistic funds, investing primarily in equities, fixed income, and derivatives using a variety of long/short strategies. The funds seek to maximize long-term capital appreciation. Arbiter's investments are global in scope and across the range of instruments, including ETFs, closed end mutual funds, and the occasional privateplacement. The fourth and fifth partnerships are open to current investors in the firm's primary funds, and each invests in a single corporate complex. Arbiter also provides advisory services to a separately managed account. Investors in the funds include primarily high net-worth individuals, family offices, and charitable trusts. They also have a limited number of institutional investors, including fund-of-funds and insurance companies. From time-to-time, the funds may engage in short selling, hedging, option and derivatives trading, leveraging (including, but not limited to, margin trading and investing in derivatives) and other strategies.

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Philadelphia Financial Management of San Francisco (PFMSF) manages private investment funds that seek to maximize total returns by investing primarily in the financial service industry. The funds' assets predominantly (but not exclusively) are invested in U.S. 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 their focus is on the financial sector, PFMSF may invest a portion of the funds' assets in other sectors in which they have investment experience, such as the automotive sector. The firm may sell securities short, engage in some short-term trading, and may invest and trade in options, other derivatives and other instruments. They take 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. The funds may use leverage and stock options in attempting to hedge positions and enhance returns. The funds may invest in any type of instrument, including private equity, distressed debt or securities of financial service companies. While the funds may invest throughout the world, typically less than 15% of a fund's assets is invested in investments other than U.S. securities, Canadian securities and securities traded on the London Stock Exchange or Euronext.

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Monarch Partners Asset Management employs a value-oriented investment approach to make long-only investments in the stocks of small-cap companies. The firm's investment philosophy is based on a value discipline, focused internal research and risk aversion. They seek to identify undervalued companies that possess catalysts with the potential to enhance shareholder value, while avoiding value traps. Monarch Partners Asset Management employs a proprietary bottom-up research process that is comprised of 90% fundamental research and 10% quantitative analysis. The firm attempts to mitigate risk through diversification, daily monitoring of portfolio exposures and the utilization of a strict sell discipline.

Recent Transactions
Details Hidden

Cowen, Inc. purchases Quarton International AG

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Great Hill Partners LP purchases Zoom Information, Inc. from Venrock Associates, Flagship Pioneering, Vulcan Ventures, Inc., Commonwealth Capital Ventures, Ascent Venture Management Inc., Lead Dog Ventures LLC

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Cowen, Inc. purchases ConvergEx Group LLC from GTCR LLC resulting in a new company Cowen Execution Services LLC

Transaction Clients
Investment Advisor

Advised on Great Hill Partners LP purchases Zoom Information, Inc. from Venrock Associates, Flagship Pioneering, Vulcan Ventures, Inc., Commonwealth Capital Ventures, Ascent Venture Management Inc., Lead Dog Ventures LLC

Selling Group Member

Advised on uBid, Inc. issued USD Common Stock

Transaction Advisors
Legal Advisor

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

Legal Advisor

Advised onCowen, Inc. purchases Belré SA from Vitrufin SA

Escrow Agent

Advised onCowen, Inc. purchases Quarton International AG

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
Legal Advisor

Partner, New York at Cooley LLP

Senior Advisor

Limited Partner at Lead Edge Capital Management LLC

Legal Advisor

Chair, Emerging Companies Practice at Dorsey & Whitney LLP

Key Stats and Financials As of 2018
Market Capitalization
$478M
Total Enterprise Value
$619M
Earnings Per Share
$1.17
Revenue
$1.08B
Net Profit
$42.8M
Total Equity
$1.08B
Enterprise Value Sales
0.57x
TEVNet Income
14.46x
Debt TEV
1.31x
Total Debt
$812M
EBITDAMargin
9.71%
Enterprise Value EBITDAOperating
5.88x
EBITDA
$105M
Three Year Compounded Annual Growth Rate Of Revenue
27.83%
Five Year Compounded Annual Growth Rate Of Revenue
24.77%
Investments
Details Hidden

KemPharm, Inc. is a clinical-stage specialty pharmaceutical company, which engages in the discovery and development of proprietary prodrugs. It focuses in 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 Coralville, IA.

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Livongo Health, Inc. develops and operates a consumer digital health platform for people with diabetes. Its platform offers a real-time information and human support to make life easier for people with chronic conditions. The company was founded by Kimon Angelides in 2014 and is headquartered in Mountain View, CA.

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G1 Therapeutics, Inc. develops drugs for cancer treatment. It is a clinical-stage biopharmaceutical company that focuses on the discovery and development of novel therapies to address significant unmet needs in oncology. The company was founded by Kwok-Kin Wong and Norman E. Sharpless on May 19, 2008 and is headquartered in Research Triangle Park, NC.

Investors
Details Hidden

Chairman & Chief Executive Officer, Cowen Group, Inc at Cowen and Company LLC

Details Hidden

Founding Partner at ATM USA LLC

Details Hidden

Managing Director at Cowen Healthcare Royalty Management LLC

Suppliers
Supernus Pharmaceuticals, Inc. Pharmaceuticals | Rockville, Maryland

Supernus Pharmaceuticals, Inc. engages in the development and commercialization of products for the treatment of central nervous system diseases. Its neurology portfolio consists of Oxtellar XR and Trokendi XR, which treats patients with epilepsy. The firm also develops product candidates for the treatment of impulsive aggression and for the treatment of attention deficit hyperactivity disorder. The company was founded by Jack A. Khattar on March 30, 2005 and is headquartered in Rockville, MD.

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