Recent pick-up in Greenhill deals?
Saw that they were exclusive advisors to Skechers on their ~10bn takeover by 3G Capital. They also seem to have advised on a couple of other big M&A this year (9bn Brookfield-Colonial Enterprises, 7bn Innergex-CDPQ and some more).
Obviously the firm is not the big-hitter EB it was 10-15 years ago, but curious to hear how they are doing nowadays (in terms of exits, analyst deal exposure, etc)?
Came across it yesterday. Definitely good to see that they are getting a bit back on track. I guess the Mizuho deal helped but IMO they should have opted to enter them in a minority stake vs fully getting acquired
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Have a close friend there. Apparently things did improve this year in terms of deal flow, so not surprising that it materializes into higher M&A activity across the board.
Exits also seem to be fine from what I've seen. I think recent class did well - exits include pretty good MF/UMM like Apollo HVF, Sixth Street, Oaktree, New Mountain, GTCR, Ares Special Sits which is great considering their small class size.
Exits are largely a factor of your background (e.g., UG) and performance during the interviews, in addition to the firm you're in. Considering that GHL mostly takes kids from targets / semi-targets, coupled with the seniors who are supportive of buyside recruiting (If you're putting in work, Neil Augustine can literally call any fund out there to vouch for you), results in relatively good exits
GHL seniors are extremely supportive of recruiting, and will actively call their connections at firms to help you recruit either out to other IB places or to buy-side shops. Greenhill will continue to play way above its actual performance as long as that happens, as this is all ultimately a relationship business. Of course, you have to convert it after your seniors make the call, but at that point , the onus is on you. In terms of actual deal flow, GHL as a whole is still very weak compared to any other BB/EB.
Edit: People downvoting this need to get a life; some of my closest contacts and friends work at GHL. I can confirm with 100% certainty that GHL seniors will go out of their way to help juniors recruit, and that deal flow is still nowhere near the level of any BB/EB.
They seem to be doing better than BBs like UBS or EBs like GUGG
Get a life my man
Curious to see how they rank this year in league tables vs MOE, PWP etc. PWP is having a pretty shitty M&A deal volume this year (their RX is doing fine though), coming off from a great '24
An2 here at PWP, can confirm that most M&A teams are doing close to nothing. To be fair, other than RX and maybe healthcare the rest of the firm is underperforming
YTD M&A Transaction Value:
PWP: ~$9B (Factset, as of Apr 2025, not much on website)
MOE: ~$15.8B (As of website)
GUGG: ~$11.4B (As of website)
GHL: ~$39B (As of website)
Side note: This is already the most transaction value GHL has had in a year since 2019. Maybe an outlier for them. Maybe not.
To think that people here started comparing PWP to PJT or EVR because they lucked out in 2024 and done a couple of mega deals (Blackrock/HPS, GIP or JJ-Shockwave) lol... Most overrated EB with terrible fluctuation in their performance
I'd rather not get into it but even PJT (M&A) is not doing that great. Only EBs that are consistently going toe-to-toe with top BBs (GS/JPM/MS) are EVR and CVP. Feels like PJT M&A gets excess credit because of their superior RSSG team
2019 was a crazy year for GHL though. They did the Global Payments-TSYS merger (20bn) and the IFF-Dupont RMT merger (45bn), among others
Did they poach new MDs or something that are bringing in new deals or are they just getting lucky that existing contacts happen to be doing deals?
Edit: Also are those numbers for PWP/GUGG/MOE pretty typical for them? Or are they struggling?
Still really early but good looks great for GHL. Although a weird M&A environment comparisons probably don’t mean much ATM
PWP is really shit this year
Too early to tell. It's definitely a good sign in this market, considering also that other firms aren't doing that great atm. If they can continue with this trend till year end and into 2026, then we can talk about them potentially bouncing back
Any insights into GHL London specifically?
bump
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Bump
They have a good start to the year for sure, let's see if they can maintain their momentum. Doubt it will help them regain their historic fame or prestige
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