Evercore Buys Robey Warshaw
https://www.ft.com/content/28b19d39-7dbe-4ba8-8ffd-efdad319048f
Another UK boutique is scooped up - thoughts?
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Was always going to happen given the partners are nearing retirement and would like a big pay day. Evercore realistically only one that works well in London given prestige / ticket size / expansion. My only view is that thought the purchase price would be higher given they pay themselves $20mm p.a. anyway. Wonder what lock-in period they will have to continue working though
I agree - at first when i saw the headline, thought the partners including Robey would walk away and settle for retirement but looks as if they're staying on. George Osborne must've secured the ultimate exit op, partner at Robey, sets up his own podcast and is chilling
He indeed crushed it, though he likely has an extremely small stake in the biz
Makes sense that they're staying on. I don't think the company is worth much of anything without the partners given that's where the relationships lie. I suspect the purchase price is a reflection of how much less they are willing to accept in terms of compensation, client relationship synergies, and the intangible value of Evercore being seen as more upscale in the European market.
Not sure why someone threw shit at me. Perhaps the point on accepting lower compensation or the point on Evercore in the UK.
To clarify, as a partnership they could pay out 100% of earnings to the partners. This results in zero retained earnings. If there are zero earnings, then the business won't be worth much. Evercore will want to earn a return on their investment and so will manufacture earnings by agreeing a lower compensation arrangement with the partners.
Now there's the possibility that the business can generate additional revenues, i.e., synergies, being part of the Evercore platform. Maybe they can do some debt advisory, perhaps get involved with an equity placement, whatever, this could increase the profit pool if it's material and reduce the partner pay cut.
Lastly, Evercore operates more in the mid-market space in the UK and Europe - people can take offense to this, but go look at their deals vs. the likes of GS / MS / JPM. I recognise in the US they compete on the largest deals. Robey Warshaw has FTSE 30 clients and this acquisition could materially improve Evercore's stature in the market and thus lead to better opportunities. This piece is hard to value, but I suspect it's the real strategic reason why Evercore paid up.
augusta & co and bryan garnier now this
what other smaller firms are next?
Gotta be Peel Hunt but bar their corproate broking franchise, I don't know why anyone else would touch them with a stick. They were always interested in Liberum. Could see an Investec / Berenberg type bank acquiring them to expand equities franchises respectively
I'd also add maybe Gleacher Shacklock - partnership model, some very strong blue-chip relationships (JustEat) and think they did a restructuring for Thames Water
Lol just take Dorian and that Rx team is dead, so why the need for the acquisition?
My dad is close with the Bullhound lot and they were talking to two firms about a deal for 1.5 years. Haven’t heard anything for a year or so though so perhaps dead in the water. I note they recently split their investment firm from the advisory business.
Good play. As sponsor activity continues to fizzle, the next phase of growth in IB lies with corporates. RW is the one of the best in that field in the UK
Not Really. The Coporate Brokers are the best in the field for FTSE listed companies. RW is nothing without the 5 partners.
Ok…and if you read the article, they have to stay for 6 years?
Whether or not this translates to acquiring relationships is diff but pls read
People have said it before but I will reiterate. Evercore will be the place to be in Europe in 5-10 years. People will choose it over the likes of JPM/GS.
People facing such a choice in 5-10 years aren’t even on this site yet. Reputation is very slow moving. But indeed they are on the up and up.
yah but would u choose them over the likes of JPM/GS today
I can understand this take, but personally I would take Evercore over GS/JPM/MS. Much rather be on a high quality platform that's growing than one squeezing profits out of their existing business.
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Looks like the first casualty of this is Osborne. Didn't get the HSBC job, gone to OpenAI instead
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