Wheat First Butcher Singer made its first equities offering for a client of First Union Corp. this week. First Union is set to acquire Wheat First in early 1998.
On Tuesday, Wheat First co-managed a $79 million secondary offering for Coinmach Laundry Corp., a Roslyn, N.Y.-based laundry equipment supplier. It was priced at $19.75 a share.
"By offering equity underwriting capabilities through Wheat First, First Union was able to participate in a very important aspect of our financial strategy," said Steve Kerrigan, chief executive officer of Coinmach.
Jerry Schmitt, executive vice president and co-managing director of First Union Capital Markets, said the bank was happy to introduce Coinmach, one of its customers, to Richmond, Va.-based Wheat First.
"The good news is, we stayed involved with our customers too," he said.
Wheat First is set to participate in at least five other equity offerings for First Union clients early next year, Mr. Schmitt said.
First Union is based in Charlotte, N.C.