Any thoughts on this? GS and TD Cowen consumer and M&A groups on the buyside, Evercore consumer group on the sellside.
Seems like a huge jump for TD Cowen, and a continued show of dominance from Evercore to other EBs this year, raking in these large deals in the last year.
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Yea I got some thoughts on this. My guess is that Goldman led the deal and shopped the financing hard and pushed lenders to get the best deal. TD showed up with the best term and cheapest money (I think they recently took some fancy office space at the new 1 Vandy near GC so looks like they have some extra cash lying around), so won/bought the deal.
Goldman continuing strong buyside advisory franchise and Sysco is a name brand that basically runs out of home food service in America. Nice tuck in acquisition for them that provides a strong footprint. More touch points with foodservice providers and just another place for Sysco trucks to drop off food deliveries 🤣
Evercore staying to classic boutique bank sell side business. Nice $100mm fee or whatever they are getting paid but then it’s up to them to go hunt the next whale.
Congrats all. Looks like a good deal. I think my brother even had a job at Jetro once upon a time in Long Island. I hope Sysco can grow that business.
Cheers 🥂
Big miss by the former Evercore C&R MD who had to jump to Lazard after the incident.
Adding more to the above on just the strategic part of it. This is a big bet by Sysco. Looks like their Market cap is around $30bn, so this doubles size of the firm. Granted they are buying a PE backed LGP backed Jetro so could be kinda like a closeted reverse merger kind of situation for the shareholders / LGP looking for an exit.
That may explain why SYY looks down 15% today 🤕
counterpoint could be like the last time I heard LGP sold a company to a big public like HD and SRS distribution. Jury is still out on the deal but not looking too good. Probably the stock needs to trade out of LGP’s hands for it to start seeing green again like other LGP taken-public’s I have seen.
looks like SYY management may have their work cut out for them if this deal closes….
Good luck guys
Small note, it was TD Securities not TD Cowen.
Not a big difference as the platforms are integrated but TD did and still does have its own indigenous IB platform prior to the Cowen acquisition.
(Work at TD)
ah my bad — i have worked with TD in the past and the decks they have sent over said td cowen? as well as email signatures. assumed that was the formal name
think it has to do with certain coverage groups where Cowen takes lead.
Not too sure, but believe certain verticals in healthcare, technology, and equity research is under Cowen and the rest is under TDS. Think the bank kept the Cowen brand name in sectors where Cowen supposedly had success in
makes sense as worked with tech group. what r ur thoughts on bank's future? liked the guys i worked with there
Not too sure to be honest. Think the bank is doing most things right on their end but getting advisory mandates is a difficult job and so relationship driven, so it's hard to just climb the league tables.
I like the new CEO, seems like a good change of pace, stock is up around 50% in LTM, honestly would like to see us acquire another shop similar to what Mizuho did with Greenhill or what MUFG might do with Jefferies. Use the massive balance sheet we got.
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