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Wall Street's financial sponsor groups may be contributing less to their firms' bottom lines than they did during the buyout boom, but they remain relatively immune from the layoffs and cutbacks that are plaguing other segments of investment banking. There have been some reshufflings, of course, and several senior financial sponsor bankers have departed to work for buyout firms. In April, for example, J.P. Morgan's global sponsor head, John Coyle, left for the New York office of British private equity firm Permira Advisers LLP, and in May, the co-head of UBS' sponsor group in Europe, John Sinik, joined TowerBrook Capital Partners LP in London.
Sinik's move to private equity left Christian Hess as the sole head of UBS' sponsor activity in Europe, the Middle East and Africa. The firm also saw the size of its combined financial sponsor and leveraged finance teams decline to around 130 people, from about 160 before the credit crisis. J.P. Morgan Chase & Co., which has completed its purchase of Bear Stearns Cos., has only slightly pared back its sponsor coverage team, according to its new global co-heads, George Foussianes in New York and Karen Simon in London. It consists of both J.P. Morgan and Bear bankers, they note, but declined to provide a breakdown of numbers. Citigroup Inc.'s sponsor group has also shifted a bit. Its global head in London, Kamel Tabat, is on sabbatical, while its co-head of Europe, Robert Dahl, has retired. The departures come as Citi's sponsor and infrastructure groups are being folded into a newly formed alternative asset group, led by chairman Chad Leat and global head Brad Coleman. What follows is a snapshot look at some of the largest and most
active financial sponsor groups on Wall Street, including their
leadership, clients and recent deals. Credit Suisse Group Size: About 60 people in the U.S.; 40 in the U.K.; 10 people in Hong Kong. Clients: 200 sponsors including 3i Group plc, Apax Partners Worldwide LLP, Apollo Management LP, Bain Capital LLC, BC Partners Ltd., Blackstone Group LP, Candover Investments plc, Carlyle Group, CCMP Capital Advisors LLC, Cerberus Capital Management LP, Cinven Group Ltd., CVC Capital Partners Ltd., Goldman Sachs Capital Partners, Hellman & Friedman LLC, Kohlberg Kravis Roberts & Co., Madison Dearborn Partners LLC, PAI Partners, Permira, Providence Equity Partners Inc., Thomas H. Lee Partners LP, TPG Capital, Warburg Pincus. Middle-market clients include Berkshire Partners, Blum Capital Partners, Bruckmann, Rosser, Sherrill & Co. LLC, Code Hennessy & Simmons LLC, Golden Gate Capital, Hellman & Friedman, Jordan Co. LP, Kelso & Co., Leonard Green & Partners LP, New Mountain Capital LLC, Odyssey Investment Partners LLC, Weston Presidio. Also some hedge funds. Recent deals: KKR's buyout of First Data Corp.; KKR and TPG's deal for TXU Corp.; T.H. Lee Partners and Fidelity National Financial Inc.'s buyout of Ceridian Corp.; ReAble Therapeutics Inc.'s deal for DJO Inc.; Apollo and TPG's buyout of Harrah's Entertainment Inc.; Hexion Specialty Chemicals Inc.'s merger with Huntsman Corp.; BC Partners' deal for Intelsat Ltd., Carlyle Group's buyout of Manor Care Inc., the take-private of Clear Channel Communications Inc. Recent innovative deal: TPG's $2 billion rescue capital infusion in Washington Mutual Inc.
Goldman, Sachs & Co. Size: Numbers aren't available, but group has presence in North America (New York, Chicago, Los Angeles, Toronto), South America (Brazil), Europe (London, Paris, Spain, Italy, Germany, Scandinavia), Asia (Hong Kong, Beijing, Tokyo), the Middle East (Dubai). Clients: 200, including large and middle-market sponsors, sovereign wealth funds and hedge funds. Midmarket clients include Advent International Corp., First Reserve Corp., Hellman & Friedman, Kelso & Co., Madison Dearborn, TA Associates Inc., Summit Partners, Weston Presidio, GTCR Golder Rauner LLC Recent deals: Advised sponsor group led by TPG and KKR on $45 billion buyout of TXU and co-invested. Ran auction for BCE Inc., being bought by Ontario Teachers' Pension Plan private equity unit Teachers' Private Capital, Providence Equity, Madison Dearborn and Merrill Lynch Global Private Equity for C$52.3 billion ($52.3 billion). Advised Getty Images Inc. on $2.4 billion buyout by Hellman & Friedman. Advised Goodman Global Inc. on $2.65 billion LBO by Hellman. Advised Boise Paper Co. on $1.6 billion purchase by Terrapin Partners LLC. Advised Cerberus-backed NewPage Corp. on its Stora Enso Oyj buy. Recent innovative deal: Helped T.H. Lee Partners restructure money transfer firm MoneyGram International Inc. with mezzanine financing and side-by-side equity, providing certainty at time when markets were largely closed. Deutsche Bank AG Size: About 50 bankers, including 9 MDs in the U.S.; 5 MDs in Europe (London) and 2 MDs in Asia (Hong Kong). Clients: All the top sponsors, including Blackstone and Apax Partners, CVC Capital, EQT Partners AB, Providence Equity and Madison Dearborn. Midmarket clients include JLL Partners Inc., Oak Hill Capital Partners and CVC Capital. Recent deals: Deutsche says it leads the market in capital raising and initial public offerings for special purpose acquisition companies, or SPACs. It led the $920 million IPO of Nelson Peltz'sTrian Partners and was lead adviser to TPG and Apollo on Harrah's Entertainment LBO. It has also backed sponsors on several private investment in public equity, or PIPE, deals and is currently working with sponsors on a number of recapitalizations of financial institutions. Recent innovative deal: Syndicating debt financing for KKR's £12.1 billion ($24 billion) buyout of British drugstore chain and pharmaceuticals wholesaler Alliance Boots Ltd. in 2007. The deal illustrates how, with careful staging, LBO debt can be successfully distributed. UBS Size: Leveraged finance and sponsor groups share resources. The combined team is about 130, with 70 in the U.S., 30 covering Europe, the Middle East and Africa and 30 based in the Asia-Pacific region. Clients: Apollo Management, Carlyle, Blackstone, CVC Capital, Warburg Pincus and Advent International are among its main clients. Midmarket clients includeGenstar Capital LLC, Wellspring Capital Management LLC, Aurora Capital Group, Metalmark Capital LLC. Recent deals: Provided financing for: NewPage for Cerberus ($2.5 billion); PQ Corp. for Carlyle ($1.8 billion); Almatis GmbH for Dubai International Capital LLC ($1 billion); Newport Television LLC for Providence Equity ($590 million); Fox TV for Oak Hill Capital ($815 million); Alliant Insurance Services Inc. for Blackstone ($710 million); Orbitz Worldwide Inc. for Blackstone ($835 million); Ceva Group plc for Apollo Management ($1.9 billion); Basic Energy Services Inc. for Grey Wolf Inc. Recent innovative deal: Advised NuCO2 Inc. on its sale to Aurora Capital and provided financing through a whole-business securitization facility, possibly the first time an entire buyout has been funded by the securitization market.
Citigroup Inc. Size: Some 55 people, with a "meaningful" presence in Asia, the Middle East. Clients: Traditional buyout firms, including Apollo, Cerberus, Centerbridge Capital Partners LP, Blackstone, KKR and TPG. In the midmarket, GTCR, Leonard Green & Partners, Kelso & Co. and Sun Capital Partners Inc. It also works with the private equity arms of hedge funds and sovereign wealth funds. Recent deals: not available. Recent innovative deal: not available. Morgan Stanley Size: About 80 people, with senior independent teams in London, Dubai, Japan and Australia. Most are in North America (about 45 people), next is Europe with 15 to 20 people, the balance in Asia. Clients: not available. Recent deals: not available. Recent innovative deals: not available. J.P. Morgan Size: Six managing directors in the U.S., four executive directors, four vice presidents plus junior support. In London, t five managing directors and one executive director, plus four senior bankers covering various regions in Europe. In Hong Kong, it has three senior bankers and two juniors. The Tokyo team has one managing director and three bankers. One executive director in Sydney. Clients: Megafirms and midmarket sponsors, including roughly 80 clients in the U.S. The group also covers sovereign wealth funds and infrastructure funds. Recent deals: Advised Bain Capital, Carlyle Group and Clayton, Dubilier & Rice Inc. on HD Supply and provided financing for deal. Advised KKR and TPG on TXU buyout and provided debt and equity to back the purchase. Recent innovative deal: J.P. Morgan underwrote 100% of the $2.4 billion debt package backing $4.1 billion buyout of ConvaTec, the unit of pharma giant Bristol-Myers Squibb Co., by Nordic Capital and Avista Capital Partners
at a time when many banks can't underwrite more than 25% to 50% of a
deal. J.P. Morgan is generally looking to avoid club deals that dilute
underwriting fees. -- Christine Idzelis CategoriesComments Deal Video
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Hi am kenneth from uganda 15yrs old male. am an orphan since 2002 .when my parents died in a motor car accident. so please am looking for kind people to sponsor me please!!!!!!!!!!!
i want your help because am living with afriend who has a big family and is pursuing me to find some where to live and leave him free with his family. so am looking for a kind person to help and iwill do everything he/she likes
e-mail me:theworldpal200@yahoo.com
am waiting for your help .welcome .thank you