Evercore Partners Private Equity

  • Overview

Boutique banking

Evercore Partners may be a boutique investment bank, but don't underestimate the clout of this Wall Street expert.  Blackstone alumni Austin Beutner and Roger Altman started the company in 1996 and have since grown Evercore into a major player that regularly cracks the top 10 in the league tables for mergers and acquisitions (M&A).  Evercore is based in New York City and has additional offices in London, San Francisco, Los Angeles, Mexico City, District of Columbia, Houston, Boston and Monterrey.

The firm's investment management division houses its private equity business and venture capital businesses.  Evercore Capital Partners is the official name for the private equity division which makes "value-oriented" private equity investments in middle-market companies.  Evercore Capital Partners has completed individual transactions worth more than $4 billion since it launched.  It focuses on three main strategies for maximizing value in its investments: leveraging the relationship network of its parent company to make connections, focusing on risk-adjusted returns and fostering an environment for post-investment value creation.

Middle market

Evercore Capital Partners (or ECP) operates out of two major funds, Equity Capital Partners I and II.  The original fund, ECP I, comprises domestic holdings, including Continental Energy Services, Encoda Systems Holdings, Energy Partners, Ltd., Resources Connection and Vertis, Inc.  One notable international company in the bunch is Telenet Group Holding, a Belgian-based firm that provides cable television and Internet to 2.3 million people in Belgium.  The second fund's (ECP II) current holdings include American Media Inc., which runs tabloid magazines such as the National Enquirer and Star; Diagnostic Imaging Group, a domestic medical device company; Balkrishna Industries Ltd., a Mumbai-based tire manufacturer; Davis Petroleum Corp., an oil and gas exploration company operating out of Texas; and Bollinger Inc., one of the United States' largest privately owned insurance agencies.

Stock roller coaster

Evercore went public in August 2006, just one short year before the credit crisis struck the international market.  The stock debuted strong and reached a peak price of $39.31 per share in October 2006 but has trended steadily downward ever since, losing three quarters of its peak value in the subsequent two years.  In the second quarter of 2008, the firm's investment management division (which houses the private equity group) was down 65 percent compared to the first six months of 2007.

Cofounder steps down

Austin M. Beutner, Evercore's former president, co-chief executive officer and cofounder, announced in April 2008 that he would be stepping down from the firm due to health concerns.  Beutner had been on a leave of absence since December 2007 due to a neck surgery he underwent after a bicycle accident.  There was no drama in the exit of this business leader, his partner and cofounder Roger Altman issued the following sincere statement at the time of his departure: "I was fortunate to co-found Evercore at the beginning of 1996.  Running the firm with Roger over all the intervening years has been deeply fulfilling and very successful.  Evercore has never been stronger than it is now, and I have no doubt that it will continue to be successful."  On May 22, 2009, Ralph Schlosstein was appointed as the company's new president and chief executive officer.



Evercore Partners Private Equity


55 East 52nd Street
New York, NY 10055
Phone: (212) 857-3100
Fax: (212) 857-3101
www.evercore.com

STATS


  • Employer Type: Public
  • Stock Symbol: EVR
  • Stock Exchange: NYSE
  • President & CEO: Ralph Schlosstein
  • 2008 Employees: 335

Key Financials

  • 2008 Income: $-05 million
  • 2008 Revenue: $225 million