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Another former member of Merrill Lynch & Co.'s "thundering herd" is going to Evercore Partners Inc. (NYSE:EVR). Evercore announced Thursday that Robert Pacha has joined its advisory practice as a senior managing director in charge of its "midstream" practice, which would include oil and gas transportation, processing and storage. Pacha will also set up an office in Houston for the firm. Pacha joins Mark Friedman, who had headed Merrill Lynch's transportation and infrastructure group, at Evercore. On May 15 Evercore said it hired Friedman as senior managing director in New York and co-leader of its transportation practice. Pacha, 40, has been working in investment banking for 17 years, most recently as managing director at Bank of America Merrill Lynch, where he led the firm's midstream energy and master limited partnership practice. He has a Harvard M.B.A. and a bachelor of science with a concentration in finance from the University of Pennsylvania's Wharton School of Business. Evercore chairman Roger Altman said in a statement that Pacha's hiring was a "milestone" for the firm. "Energy is a strategic sector in every respect [and] Rob is a proven leader in energy banking," he said. Pacha has advised on several transactions including assisting MarkWest Hydrocarbons Inc. on its $734 million sale last year to MarkWest Energy Partners LP; Energy Transfer Equity LP on its acquisition of an 18.7% interest in Energy Transfer Partners LP and half of the Class B interests in Energy Transfer Partners GP LP; and Targa Resources Inc. on its acquisition of Dynegy Midstream LP in 2005 for $2.4 billion. That's not all. Pacha also advised Dynegy on the sale of its Northern Natural Gas Co. pipeline to MidAmerican Energy Holdings Co., a unit of billionaire investor Warren Buffett's Berkshire Hathaway Inc. (NYSE:BRK.A), in 2002 for almost $2 billion; the conflicts committee of Regency Energy Partners LP (NASDAQ:RGNC) on its acquisition of TexStar Field Services LP from HM Capital Partners LLC in 2006 for $350 million; Loews Corp. (NYSE:L) on its acquisition of Dominion Resources Inc.'s (NYSE:D) Permian Basin natural gas production assets in 2007 for $4 billion; Stewart & Stevenson Services Inc. on the sale of its power products unit and its ultimate sale to Armor Holdings Inc. in 2006 for $755 million; and Royal Dutch Shell plc (NYSE:RDS.A) on the sale of a 2,000-mile pipeline system in the southern U.S. to Magellan Midstream Partners LP (NYSE:MMP) in 2004 for $492 million. In his own statement, Pacha said several midstream participants and MLPs are facing challenges resulting from volatile commodity prices, high capital expenditures, and a difficult environment for debt and equity financing in general and MLP equity financing in particular. He's not kidding: On May 4, Martin Midstream Partners LP (NASDAQ:MMPL) cited the economic downturn and limited access to capital markets as reasons for selling some of its noncore assets, including its Mont Belvieu, Texas, natural gas railroad terminal, which it shed to Houston's Enterprise Products Partners LP (NYSE:EPD) for $23.1 million. Evercore clearly wants a piece of that. Pacha's hiring follows last week's big change at Evercore, when Altman brought in BlackRock Inc. co-founder Ralph Schlosstein as president and chief executive. - Claire Poole See Merrill Lynch Exodus Dealwatch from TheDeal.com
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