Mergers & Acquisitions The year 2003 witnessed significant improvement in the overall U.S. M&A market, as strategic acquirers and private equity investors sought to create value through M&A transactions. Jefferies was at the forefront of this resurgence, representing over 40 M&A clients. In its first full year with a dedicated M&A practice, Jefferies was ranked by Mergerstat among the Top 10 middle-market M&A advisors based on the number of transactions under $500 million.

An example of Jefferies’ increasing presence in middle-market M&A was the $807.5 million recapitalization of Samsonite Corporation, which The Mergers & Acquisitions Advisor magazine awarded the 2003 Middle Market M&A Deal of the Year. Jefferies also acted as financial advisor on a number of other important transactions announced in 2003, including the acquisition of Warner Music and sale of the Sweetheart Cup Company. For clients in the technology sector, Jefferies’ year-end acquisition of Broadview International LLC, one of the world’s leading M&A firms focused on the technology industry, fortified Jefferies’ position as a leading M&A advisory firm to the technology and related sectors. Combined, Broadview and Jefferies would have ranked in the Top 4 of middle-market M&A advisors based on the number of transactions under $500 million, according to Mergerstat. In addition, Quarterdeck Investment Partners, LLC, the aerospace, defense and federal IT investment banking group of Jefferies and a leading middle-market M&A advisor, continued its leadership in that sector, advising Boeing and ManTech Corporation, among others.

Recapitalization & Restructuring For distressed companies and their creditors, Jefferies’ expert financial advice and unique capital markets abilities were once again critical in maximizing value for clients. The firm ranked third among U.S. restructuring advisors by The Deal based on the number of active cases in October 2003. Jefferies’ dedication to identifying, crafting and executing the right solution while addressing the needs of our clients with the highest level of integrity and confidentiality resulted in the restructuring of more than $9 billion in liabilities for our clients and an exchange offer acceptance ratio of approximately 99 percent. From distressed asset sales and plan negotiations to exchange offers, financing-driven recapitalizations and consent solicitations, Jefferies’ full-service offering was a key component to such noteworthy transactions as Exide Technologies, Federal-Mogul Corporation, Formica Corporation, HealthSouth Corporation, and Tower Records (MTS, Inc.).