Simmons & Company boss Colin Welsh hailed the completion of its £90million buyout by a US investment bank as a “a big vote of confidence” in the energy industry.
Piper Jaffray’s deal to buy Simmons was announced in November.
Mr Welsh said the Houston and Aberdeen-based company will now be known as Simmons & Company International – Energy Specialists of Piper Jaffray.
In a note to the company’s local contacts, Mr Welsh said the primary reason Simons had chosen to join up with Piper was that they were “very similar to Simmons in both culture and approach”.
He added: “They too are a long established firm of industry specialists with an excellent reputation.
“Since the transaction announcement we have spent a lot of time with Piper Jaffray’s executive team and it is clear that not only do we share the same values with respect to integrity and client focus/service but they are straightforward people who are easy to work with.
“All this bodes well for our staff, our clients and our business.”
He added: “The investment that Piper Jaffray is making represents a big vote of confidence not just in Simmons & Company International but in the future of the energy industry.
“When the industry recovers, those companies that are financially robust and have the scale to endure this downturn will be well placed to benefit greatly.
“With the expanded range of services that our deal with Piper Jaffray brings we are better equipped to assist our clients in turning today’s challenges into opportunities.”
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