How's Greenhill doing?
Any insider know-how following their acquisition by Mizuho? Saw they just changed their logo, which honestly doesn't look good. Are they poised to simply become Mizuho from now on (ie the GHL brand will be removed)?
I'd appreciate some insights in this regard, as I really liked the team/people and the overall culture, including the exit opportunities, but not sure whether things have (or will) changed dramatically.
Also interested
Following
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Can someone also explain how Mizuho is going to navigate through potential conflicts of interest with Greenhill RX?
same thought here
Talked to an analyst before the recruiting process. According to them, the team went through all prior rx mandates and there was no conflict with Mizuho. That being said, it’s hard to deny that the team will possibly struggle to get new mandates of the same quality
GHL Rx will be fine. Mizuho is not a big player in lev fin. Your Goldman /JPM / DB / BofA are often conflicted because they’re lead left / agents on a ton of syndicated term loans and HY bonds. Mizuho prob doesn’t crack the top 15 lev fin banks.
Mizuho doesn’t have an asset management arm a la CSAM or GSAM that would be in a cap stack either.
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Heard from analyst they’ll remain as independent as possible. Don’t know how true that is though.
When was it?
Within the last month
Curious as well
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Know the firm pretty well, Greenhill brand still stays completely independent where analyst from Greenhill will work with Greenhill MDs 95% of the time. The 5% might be when Mizuho brings in a deal for and there will be some cross over. With that said, analyst still don't do any financing or BB work besides traditional M&A. In terms of the experience, the culture and hours are still top of the notch for most analysts where you are not going to get grinded like other sweatshops (EVR/LAZ/MOE). However, this also means you have worse deal exposure. You are most likely not going to work on multi-cap billion dollars deal and mostly within the middle market size. Generally, the deals are going to be low profile and basic. You are still going to learn a lot as you are usually the only analyst staffed on the deals but wouldn't expect to have same experience as other top EBs.
The exits will still be top notch and it will be mostly comparable to firms like LAZ and MOE. The premise is if you are the same quality candidate at both firms, you can have the same probability of placing at a PE firm. GHL is not going to limit your chance of getting into a MF.
So why would you not take Greenhill? If you want super strong deal experience where you can work with public companies and do many interesting transactions. If you only want to go to PE, I'd say unless you are 100% dead set on MF, maybe take EVR/PJT over it but otherwise its still a marginal difference.
Source? Only concern whether there would be a brand dilution… they are pretty much sticking the Mizuho name everywhere, and it is definitely not great PR wise
Source is I work at the firm
How about possible brand dilution? I honestly prefer GHL over all other non GS/MS/JPM BBs, and some EBs, but I'm not sure to what extent will Mizuho dilute the GHL brand (which is still valuable/very well known)
I am not sure what specifics you are looking for. If you going into PE, the brand is the same. If you go into corporate development, its the same as other EBs where no one knows them.
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No offense, but MOE and GHL are doing similar kind / size of deals, with MOE doing higher reps / volume (hence the sweatshop stigma they rightfully got).
I'd say that the only EBs that truly focus on large cap multi-billion dollar M&As are CVP and EVR. You could argue that GHL was in a similar position like 7-10 years ago (ie, focus mostly on large cap deals), but since then they also shifted their focus to mid cap deals, similar to MOE (and LAZ to an extent).
PWP?
CVP yeah but EVR has a well diversified business that also reaches into the MM. EVR is basically a bulge bracket investment bank..
I agree but it also depends on what group you are in. The M&A team advises on large cap transactions like WWE/UFC as instance. I know they were also on Cleveland Cliffs back when pursuing targets. Its still depend on what group you are in but MOE definitely sees more large cap than GHL. Obviously not as much as CVP and maybe a bit less than EVR
What's the vibe like among the junior folks following the Mizuho deal? Also, wouldn't you expect GHL to do more large cap deals, given the access to Mizuho's financing platform? I would have guessed that it would be a major value proposition of this deal
Mostly analysts are optimistic given there was a big probability that GHL was going under. Your point makes sense but in reality I think most clients would rather go to a BB unless its some extended Mizuho clients. Tbh we will have to wait to see how it plays out
I would agree with most of this.
But disagree that Greenhill is the same level as a Lazard or Moelis. Perhaps in the past but often it's prestige is based on its history rather than current deal quality.
They also lost their Telco guys to Guggenheim I believe. Which was a blow as these guys did deals.
Besides the deal quality, which obviously is behind in the last couple of years compared with other EBs, how would you say the firm stands up against others in terms of experience, exits, comp, etc?
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