Dahlman Rose & Company Announces Acquisition by Cowen Group, Inc.

NEW YORK, Feb. 1, 2013 /PRNewswire/ -- Dahlman Rose & Company, LLC, ("Dahlman Rose" or "the Company") and Cowen Group, Inc. (NASDAQ: COWN) ("Cowen") today announced the signing of a definitive agreement under which Cowen will acquire Dahlman Rose, a leading investment bank specializing in energy, metals and mining, transportation, chemicals and agriculture sectors.  This acquisition is an all-stock transaction, and financial terms of the deal were not disclosed.  

Robert C. Meier, CEO of Dahlman Rose said, "Dahlman Rose's expertise in energy, transportation, metals and mining, chemicals and agriculture is a strong complement to Cowen core sectors of health care, technology, media, telecommunications, consumer, aerospace and defense/industrials and REITs.  Dahlman Rose and its customers will benefit from the added breadth of Cowen's product offerings and the strength and stability of their platform."

The transaction, which is expected to close by the end of the first quarter of 2013, is subject to customary closing conditions and regulatory approvals. 

Willkie Farr & Gallagher LLP acted as legal advisor to Cowen on this transaction.  Morgan Lewis & Bockius, LLP acted as legal advisor to Dahlman Rose for this transaction.

ABOUT DAHLMAN ROSE & CO.
Dahlman Rose & Co., LLC is a research-driven investment bank focused on energy, transportation, infrastructure, and other industries that compose the global supply chain. The firm's industry-leading analysts, bankers, and traders offer unique insight into the companies and markets that provide the building blocks of the global economy.  Dahlman Rose provides institutional sales and trading, equity research, mergers and acquisitions advisory, and underwriting services.

ABOUT COWEN GROUP, INC.
Cowen Group, Inc. is a diversified financial services firm and, together with its consolidated subsidiaries, provides alternative investment, investment banking, research, and sales and trading services through its two business segments:  Ramius and its affiliates makes up the Company's alternative investment segment, while Cowen and Company is its broker-dealer segment.  Its alternative investment products, solutions and services include hedge funds, replication products, managed futures funds, fund of funds, real estate and health care royalty funds.  Cowen and Company offers industry focused investment banking for growth-oriented companies, domain knowledge-driven research and a sales and trading platform for institutional investors. Founded in 1918, the firm is headquartered in New York and has offices located in major financial centers around the world.

Cautionary Note Regarding Forward-Looking Statements
This communication may contain forward-looking statements including statements relating to the market opportunity and future business prospects of Cowen and Dahlman Rose. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Consequently, all forward-looking statements made during this communication are qualified by those risks, uncertainties and other factors.

Actual results may differ materially and reported results should not be considered an indication of future performance. Please reference the SEC filings of Cowen, which is available on its website, for detailed descriptions of factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements.

Certain statements in this communication relate to future results that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Except for the ongoing obligations of Cowen and Dahlman Rose to disclose material information under the federal securities laws, neither Cowen nor Dahlman Rose undertakes any obligation to release any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events unless required by law.

SOURCE Dahlman Rose & Company, LLC



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