What happened to Greenhill

Under Mizuho, are they still an EB? Did dealflow slow or has it picked up because of the brand name? Are analysts getting the same experience? Do headhunters still reach out as much, or are the GHL analysts masked within broader Mizuho? This applies to both RX and M&A

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Not to advocate here, know GHL is not what it used to be but just last year they advised on the 15bn BlacHills-NorthWestern merger, 10bn 3G Capital/Sketchers acquisition, 9bn Brookfield/Colonial Enterprises acquisition...

 
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Not very familiar but they probably are the case study for how boutiques will eventually get consolidated / taken over in the long run (unless you grow to be so huge that it's questioned if you're still a 'boutique' like EVR in terms of culture, business ops and staff count etc). Partnership model will fade once the seniors hit retirement age, sounds like GHL was strong in the 2000s bull markets where they had genuine mega-cap deals, lean teams and good comp and exits to show for it. Growth in competition and emergence of new boutiques, being squeezed downstream into the middle market and having your best talent poached is naturally in the 'managed decline' stage of the cycle that inevitably leads to either folding, mass exodus of talent and eventually getting acquired. A few people on this forum have speculated this could happen to PWP but it's still early days (would be an expensive takeover nonetheless).

 

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