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Stone Key, which will provide M&A as well as strategic advisory services, was started by Denis A. Bovin and Michael J. Urfirer, both former vice chairmen at Bear Stearns. Each will share the titles of Chairman and CEO at the new firm. The boutique advisory firm hopes to fill the niche left by the implosion of the traditional Wall Street bulge bracket investment banks: Bear Stearns, Lehman Brothers Holdings Inc., and Merrill Lynch & Co. The two are no strangers to mega M&A deals, having advised on the $5.2 billion cross-border acquisition of DRS Technologies Inc. by Finmeccanica Spa (Pipeline subscribers see related story) and the $15.6 billion merger of Honeywell International Inc. (NYSE:HON) and AlliedSignal Inc. (Pipeline subscribers see related story). As illustrated by the aforementioned deals, Stone Key will primarily focus on the technology, aerospace, defense, homeland security and information services sectors. "We are confident that our clients will value the intellectual capital we've brought to this new venture. We are very encouraged that Stone Key's business is robust, our backlog is strong and growing, and we have been approached by extremely high quality professionals who are eager to join us," Bovin said in a statement. The two left Bear Stearns in May 2008 to start Stone Key, which received startup capital from an unnamed investor. - Gerald Magpily See press release
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Starting a business, especially an investment bank, in today's economic climate may be akin to going for a swim in the dead of winter. There's opportunity to get a beneficial work out if you're prepared, however, if one's not careful one could drown in the deep freeze. It seems two former Bear Stearns Cos. executives are looking to take a dip in the entrepreneurial waters with a new venture, announcing Monday the launch of a new investment banking company Stone Key Partners LLC.
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