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FOR IMMEDIATE RELEASE Jefferies Acquires '2002 Boutique Middle-Market M&A Firm of the Year' Quarterdeck Investment Partners, LLC NEW YORK--(BUSINESS WIRE)--Dec. 19, 2002--Jefferies Group, Inc. (NYSE:JEF) Transaction Further Expands Jefferies' Investment Banking Platform to Include Global Aerospace, Defense and Federal Information Technology Industries Jefferies Group, Inc. (NYSE:JEF) today announced that it has acquired Quarterdeck Investment Partners, LLC, a leading investment banking firm specializing in mergers and acquisitions in the global aerospace, defense, and federal information technology industries, for a combination of cash and stock. With this acquisition, Jefferies will benefit from the substantial experience and relationships built by Quarterdeck over the past decade, including its focus on middle-market companies in the global aerospace, defense, and federal information technology industries. Jefferies expects that the acquisition will be accretive. Quarterdeck employs 26 people and has offices in Los Angeles, Washington DC, and London. Jefferies and Quarterdeck formed a strategic alliance in March of 2001, when Jefferies purchased a minority stake in Quarterdeck. The relationship was further expanded in April 2002 through the creation of Jefferies/Quarterdeck, LLC. The acquisition provides Jefferies with a full range of global aerospace, defense, and federal information technology investment banking services. Quarterdeck Investment Partners will now operate as a unit of Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. Founder, Chairman and Chief Executive Officer of Quarterdeck Investment Partners, LLC, Jon B. Kutler, will continue to head Quarterdeck Investment Partners and will lead the efforts of Jefferies & Company, Inc. in this area. Since its founding in 1992, Quarterdeck has evolved into a leading middle-market M&A boutique. The acquisition broadens Jefferies' industry expertise while leveraging the firm's strong trading and investment banking capabilities. "Our initial alliance with Jefferies exceeded our expectations. This was the next logical step to providing our clients with a full range of capabilities in a seamless manner," said Mr. Kutler. "In addition, Jefferies' entrepreneurial culture is an excellent fit for our team." "I am extremely pleased that Jon Kutler has chosen Jefferies as his partner to continue building Quarterdeck's unique franchise," commented Richard B. Handler, Chairman and Chief Executive Officer of Jefferies. "The Quarterdeck team is entrepreneurial, client-focused and ambitious. Together we will create value for our clients, shareholders and our 26 new Jefferies partners." "Our combined efforts with Quarterdeck proved so successful in 2001 and 2002, it made perfect sense to expand our relationship with them," added John C. Shaw Jr., President of Jefferies. "This union combines the strength of Jefferies' investment banking, trading and research capabilities with the industry knowledge and expertise of the Quarterdeck team--yet another example of how we intend to expand the Jefferies platform in strategic areas." About Quarterdeck Recently named the "2002 Boutique Middle-Market M&A Firm of the Year" by The Mergers and Acquisitions Advisor, Quarterdeck Investment Partners, LLC is the premier investment banking firm exclusively serving the global aerospace, defense, and federal information technology industries. The firm has offices in Los Angeles, Washington DC and London. Further information about the Quarterdeck Companies can be found at www.qtrdeck.com. About Jefferies Jefferies Group, Inc. (NYSE:JEF) is a holding company whose affiliated companies, including its principal operating subsidiary, Jefferies & Company, Inc., offer a variety of services for institutional investors and growth companies. Subsidiaries of Jefferies Group, Inc., together, comprise a full-service investment bank and institutional securities firm focused on the middle market. Jefferies offers financial advisory, capital raising, mergers and acquisitions, and restructuring services to small and mid-cap companies. The firm provides outstanding trade execution in equity, high yield, convertible and international securities, as well as fundamental research and asset management capabilities, to institutional investors. Additional services include correspondent clearing, prime brokerage and securities lending. The firm's leadership in equity trading is recognized by numerous consulting and survey organizations, and Jefferies' subsidiary, Helfant Group, Inc., executes more than twelve percent of the daily reported volume on the NYSE. Through its subsidiaries, Jefferies Group, Inc. employs more than 1,300 people in 20 offices worldwide, including Atlanta, Boston, Chicago, Dallas, Hong Kong, London, Los Angeles, New York, Paris, San Francisco, Tokyo and Zurich. Further information about Jefferies, including a description of investment banking, trading, research and asset management services, can be found at www.jefco.com. Important Information Regarding Statements Made in this Release The statements in this news release that are not historical facts, including, most importantly, information concerning possible results of operations, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements preceded by, followed by, or that include the words "will," "expand," "continue," or "expect" or similar expressions typically constitute "forward-looking statements." These forward looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or those of the industry in which we operate, to be materially different from any expected future results, performance or achievements expressed or implied in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those economic that affect the financial markets, including the markets for capital raising, the levels of institutional trading of securities, increased competition, the reduction of spreads and the impact of trading in decimals on our market making activities, as well those factors that are listed in the periodic reports filed from time to time by Jefferies Group, Inc. with the Securities & Exchange Commission. Jefferies does not intend to update or revise any forward-looking information contained in this release. CONTACT: |
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