THE SCOOP
Leading boutique
Founded in 1996 by Blackstone and U.S. Treasury veteran Roger
Altman, investment banking boutique Evercore Partners went public
in August 2006 with an $82.9 million initial public offering. Its
public debut was astonishing: Evercore's revenues increased 47
percent in 2006 while net income rose 80 percent. Since, the firm
has grown into an elite investment bank and investment management
firm, employing over 950 people. In the U.S., Evercore operates
from offices in New York, Los Angeles, San Francisco, Boston,
Houston, Minneapolis, the District of Columbia, and Waltham, Mass.
Internationally, it has offices in Hong Kong; London and Aberdeen,
U.K.; Toronto, Canada; and Mexico City and Monterrey, Mexico. It
also has alliances in Japan, China, Brazil, India, and South Korea.
In 2011, Evercore acquired the European advisory firm Lexicon
Partners, adding about 100 employees, including 65 bankers. Today,
the firm's investment banking business includes corporate advisory
(mergers and acquisitions, restructuring advisory, and capital
raising), serving both public and private companies, with an
emphasis on large multinational corporations. Recent M&A deals
include Dell's $18.2 billion sale to Michael Dell and Silver Lake
Partners, Ally Financial's $4 billion sale of its Canadian
operations to Royal Bank of Canada, Southern Union's $9 billion
merger with Energy Transfer, Exelon's $11 billion merger with
Constellation Energy, AT&T's $39 billion acquisition of
T-Mobile, and Lubrizol's $10 billion sale to Berkshire Hathaway.
The firm is also involved in equity sales, trading, and research.
And its investment management unit provides money managing services
to institutional investors and high-net-worth individuals. Evercore
is led by Roger Altman, its chairman, and Ralph Schlosstein, its
president and CEO who previously co-founded and served as president
for investment management giant BlackRock.
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