Lazard acquires Campbell Lutyens for $575m
How goes it fellas?
Lazard has agreed to buy private capital advisory group Campbell Lutyens in a $575mn deal to bolster its offering in an increasingly important part of Wall Street dealmaking.
The 178-year-old US investment bank’s existing private capital advisory team and London-based Campbell Lutyens will combine to create a division called Lazard CL, the companies said on Thursday.
Interesting, I suppose the likes of Laz/Roths/Moelis have some catch-up to do with market leaders Evercore. Makes sense to double-down on financial sponsor relationships, particularly given CV's and secondaries are the flavour of the month right now. If CL has now been acquired, it means that Rede is likely a ticking time bomb for a sale - apparently Moelis and Roths have been looking into it for a while now.
With both IB consolidation (Robey, Gleacher, Greenhill, Augusta), whilst not obvious at the time, any independent boutique advisor with a partnership model perhaps is an inevitable candidate to be acquired in the long-run, as the founders / partners want an exit - and in the case of Robey and Campbell, it comes with a potential performance premiums in compensation
Hodes Weills also got acquired last week
Yeah, crazy move from Chatham
Excellent news for Lazard, not so much for EVR and the smaller PFGs. Expect to see a lot more consolidation in this space
Not surprised. PWP acquired Devon last year or so. Asante and Rede are next in line. I’ve a feeling Evercore/Roths take Rede and Moelis take Asante.
Wha about CL’s NYC-based team? Are they getting merged with Lazard’s NYC-based group?
what does it mean for 2027 incoming interns
You get to be on the receiving end of M&A "synergies"!
Yes of course - why would it just be London
It says “The 178-year-old US investment bank’s existing private capital advisory team and London-based Campbell Lutyens will combine”
It doesn’t say anything about NYC-based CL.
It’s the entire CL firm, merging
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curious to hear what the opinions from ppl working in PCA
It’ll be interesting to see how this will affect comp. EBs usually pay their PCA teams more than private placement agents (e.g. CL), so it’ll be interesting to see it this CL-Lazard team will raise comp for CL bankers, or if they’ll lower comp for Lazard bankers.
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