Evercore

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Evercore Inc.
Formerly
Evercore Partners Inc.
Public
Traded as
Industry Investment banking
Founded 1995; 23 years ago (1995)
Founder Roger Altman
Headquarters 55 East 52nd Street
New York City, United States
Key people
Roger Altman
(Senior Chairman)
John S. Weinberg
(Executive Chairman)
Ralph Schlosstein
(President and CEO)
Products Investment banking
Investment management
Revenue Increase US$1.4 billion (2016)[1]
Increase $107 million (2016)[1]
Number of employees
1,525 (2016)[1]
Website www.evercore.com 

Evercore Inc., formerly known as Evercore Partners,[2] is a global independent investment banking advisory firm founded in 1995 by Roger Altman, David Offensend, and Austin Beutner.[3]

Evercore's Investment Banking business advises its clients on mergers and acquisitions, divestitures, restructurings, financings, public offerings, private placements and other strategic transactions and also provides institutional investors with macro and fundamental equity research, sales and trading execution. Evercore's Investment Management business comprises wealth management, institutional asset management and private equity investing. Evercore serves clients from 28 offices in North America, Europe, South America and Asia.[4] Since 1995, the firm has advised on more than $3 trillion of merger, acquisition, recapitalization, and restructuring transactions. In the 2018 Vault Banking 50, Evercore was ranked as the #2 investment bank in the world, behind Goldman Sachs.[5]

The Business

Investment Banking

Evercore’s Investment Banking segment includes the global advisory business through which Evercore delivers strategic corporate advisory, capital markets advisory and institutional equities services.

Mergers and Acquisitions

Evercore evaluates potential targets, provides valuation analyses, and evaluates and proposes financial and strategic alternatives. The company provides boards and management teams with independent judgment and expertise as they navigate transactions. Evercore also advises as to the timing, structure, financing and pricing of proposed transactions and assists in negotiating and closing these deals.

Strategic Shareholder Advisory

Evercore’s strategic shareholder advisory strategies help clients prepare for, avoid, and defend against activist investors and hostile takeover attempts.

Restructuring

Evercore provides independent financial restructuring advice to companies, creditors, shareholders, and other stakeholders, both in and out of court. The company specializes in providing advice to clients on complex balance sheet issues and transformational situations.

Investment Management

Evercore’s Investment Management segment includes wealth management and trust services through Evercore Wealth Management L.L.C. ("EWM") and investment management services in Mexico through Evercore Casa de Bolsa, S.A. de C.V. ("ECB"), as well as private equity through investments in entities that manage private equity funds.

Evercore Wealth Management

Evercore’s U.S.–based Evercore Wealth Management serves high-net-worth individuals, foundations and endowments.

Recent activities

In 2009 Evercore advised on Wyeth in the largest deal of the year. In 2010 the firm advised Genyzme in the largest healthcare deal of the year.[6]

In August 2011, the firm completed its acquisition of Lexicon Partners, an independent UK-based investment banking advisory firm.[7]

In October 2011, Evercore and Kotak Mahindra Capital Company Limited ("Kotak Investment Banking") (a subsidiary of Kotak Mahindra Bank Limited), announced that the two firms had entered into an exclusive strategic alliance for cross-border M&A advisory services between India and the United States, the United Kingdom, and Mexico.[7]

In November 2011, the firm announced that it had agreed to purchase a 45% non-controlling interest in ABS Investment Management, an institutionally focused equity long/short hedge fund of funds manager.[7]

In 2012 Evercore advised Kraft in the largest Consumer/Retail deal of the year, as well as TNK-BP in the largest Energy deal of the year.[8][9]

In 2013 Evercore advised Dell in the largest Technology deal of the year.[10]

In April 2014, former Evercore banker Perkins Hixon pleaded guilty to insider trading in the securities of Evercore, Westway Group Inc. and Titanium Metals Corporation[11] from 2010-2013. He resigned from the company earlier in 2014.[12]

In August 2014, Evercore announced the acquisition of International Strategy & Investment ("ISI") Group for $440 million.[13][14][15] The deal was closed the following October to create Evercore ISI Institutional Equities, offering Macro and Fundamental Research, Sales, and Trading execution. In 2014, the firm secured the second highest number of Institutional Investor #1 positions, after J.P. Morgan, and also ranked #5 in total II positions.[16] The same year, Evercore advised AstraZeneca in its defense against Pfizer’s hostile takeover.

Other M&A assignments include advising DuPont on its $68 billion merger of equals with The Dow Chemical Company to create DowDuPont;[17] Medivation on its sale to Pfizer Inc., and Abbott Laboratories on its $31 billion acquisition of St. Jude Medical in the two largest Healthcare transactions of 2016.[18] In addition, the company advised Qualcomm on its pending acquisition of NXP Semiconductors NV in the largest Technology transaction of that year. Evercore also advised Centurylink on its pending acquisition of Level 3 Communications Inc. in the largest Telecom transaction of 2016, and Tesla, Inc. on its $2 billion acquisition of SolarCity.[19]

Also in 2016, John Weinberg joined Evercore as Chairman of the Board and Executive Chairman.[20]

In 2017, Evercore advised Coach, Inc. on its $2 billion acquisition of Kate Spade New York;[21] Whole Foods Market on its $14 billion sale to Amazon;[22] CVS on its acquisition of Aetna in the largest Healthcare deal of year; and Qualcomm on its successful defense against Broadcom in the largest contested Technology deal ever.[23]

In 2018 Evercore has advised the Independent Committee of the Board of Directors of T-Mobile U.S. on its acquisition of Sprint Corporation and Takeda Pharmaceutical Company Limited on its acquisition of Shire plc.[24]

Awards

Euromoney named Evercore World's Best Independent Investment Bank in 2017.[25]

Vault Banking ranked Evercore in its Top 50 #2 Overall.[26]

References

  1. ^ a b c [1]
  2. ^ "Evercore Partners Inc". The New York Times. ISSN 0362-4331. Retrieved 2017-09-25.
  3. ^ Evercore Makes a Bid for Court TV - NY Times
  4. ^ Boyd, Michael (2017-08-08). "Evercore: Underfollowed Firm Has Great Potential". Seeking Alpha. Retrieved 2017-09-25.
  5. ^ http://www.vault.com/company-rankings/banking/vault-banking-50
  6. ^ "The Pharmaceuticals Banker That Helped Evercore Land a $4 Billion Mandate". Wall Street Journal. 2009-07-31.
  7. ^ a b c Evercore Partners 2011 Financial News
  8. ^ "Evercore Kraft Spin Off". Financial News. 2011-08-05.
  9. ^ "BP's Partner in TNK-BP Looks to Sell Stake". Financial Times. 2012-10-08.
  10. ^ "Legions of Advisers for Dell EMC Deal". New York Times. 2015-10-13.
  11. ^ Pital, Sisal S., "Ex-Evercore director guilty of insider trading", MarketWatch, April 3, 2014. Retrieved 2014-04-03.
  12. ^ Calder, Rich and Josh Kosman, "Perk Hixon, ex-Evercore banker, to plead guilty to insider trading", New York Post, April 2, 2014. Retrieved 2014-04-03.
  13. ^ "Subscribe to read". Financial Times. Retrieved 2017-09-25.
  14. ^ Roberts, Lee (2014-08-03). "Evercore Partners to Acquire ISI Group". Wall Street Journal. ISSN 0099-9660. Retrieved 2017-09-25.
  15. ^ Roberts, Lee, "Evercore Partners to Acquire ISI Group", The Wall Street Journal, August 3, 2014
  16. ^ Hurst, Georgina, "Evercore ISI Deal May Be Wave of the Future", Institutional Investor, October 9, 2014.
  17. ^ Gara, Antoine (December 11, 2015). "Dow and DuPont Merge In $130B Deal That Will Create DowDuPont, Before Breaking it Apart". Forbes. Retrieved March 29, 2018.
  18. ^ Picker, Leslie (April 28, 2016). "Abbott to Acquire St. Jude Medical for $25 Billion". New York Times. Retrieved March 29, 2018.
  19. ^ Marino, Jon (August 1, 2016). "Tesla-SolarCity Deal Shuts Out Wall Street's Big Banks". CNBC. Retrieved March 29, 2018.
  20. ^ "Ex-Goldman Sachs Banker John Weinberg Joins Evercore As Chairman". Bloomberg. 2016-11-16.
  21. ^ Hoi-Nga Wong, Stephanie (May 8, 2017). "Coach Agrees to Buy Kate Spade For $2.4 Billion". Bloomberg L.P. Retrieved March 29, 2018.
  22. ^ "Here's Who Helped Amazon Clinch Blockbuster Whole Foods Deal". Fortune. June 16, 2017. Retrieved March 29, 2018.
  23. ^ "Broadcom Willing to go Hostile to Win $105 Billion Qualcomm Deal". Ad Age. 2017-11-06.
  24. ^ "T-Mobile to Buy Sprint for $25.6 Billion in Bet on Networks". Bloomberg. 2018-04-29.
  25. ^ "World's Best Independent Investment Bank 2017". Euromoney. 2017-07-06.
  26. ^ "Evercore". Vault.com.
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