NY IB buys Australian advisory firm
(18 March 2010 – Australia) Greenhill & Co Inc, an independent global investment bank, has announced that it has signed a definitive agreement to acquire Caliburn Partnership Pty Ltd (Caliburn), an independent financial advisor in the Australasian market.
Caliburn, which was founded in 1999 and has had an alliance with Greenhill since 2003, has 40 total employees with offices based in Sydney and Melbourne.
Caliburn's six managing directors will join Greenhill at the closing of the deal, bringing the total number of Greenhill client-focused managing directors to 60. Following the completion of the transaction, expected to be completed by early April, it will operate in Australia and New Zealand under the name Greenhill Caliburn.
The Australasian company has advised on more than A$170 billion of transactions since its founding, and the advisory firm has reported revenue for its fiscal years ended June 30, 2009, 2008 and 2007 of A$68.0 million, A$80.9 million andA$80.8 million, respectively.
Robert F. Greenhill, chairman of Greenhill said that the investment bank has been long committed to growing the business by attracting senior investment banking talent that brings new industry expertise or geographic reach.
Greenhill has consistently said that most of its recruiting will be of talented individual bankers or small teams, but that it would consider an acquisition where it would bring the investment bank significant capabilities that could not be replicated with individual recruiting, Mr Greenhill highlighted.
Mr Green hill added that most importantly, the bank would pursue such a significant acquisition like this only where the target had demonstrated an ability to operate in a manner consistent with the strong revenue productivity, growth, compensation and non-compensation cost discipline, profitability and return to shareholder metrics that Greenhill has exhibited in its nearly six years as a public company.
Caliburn's six managing directors will join Greenhill at the closing of the deal, bringing the total number of Greenhill client-focused managing directors to 60. Following the completion of the transaction, expected to be completed by early April, it will operate in Australia and New Zealand under the name Greenhill Caliburn.
The Australasian company has advised on more than A$170 billion of transactions since its founding, and the advisory firm has reported revenue for its fiscal years ended June 30, 2009, 2008 and 2007 of A$68.0 million, A$80.9 million andA$80.8 million, respectively.
Robert F. Greenhill, chairman of Greenhill said that the investment bank has been long committed to growing the business by attracting senior investment banking talent that brings new industry expertise or geographic reach.
Greenhill has consistently said that most of its recruiting will be of talented individual bankers or small teams, but that it would consider an acquisition where it would bring the investment bank significant capabilities that could not be replicated with individual recruiting, Mr Greenhill highlighted.
Mr Green hill added that most importantly, the bank would pursue such a significant acquisition like this only where the target had demonstrated an ability to operate in a manner consistent with the strong revenue productivity, growth, compensation and non-compensation cost discipline, profitability and return to shareholder metrics that Greenhill has exhibited in its nearly six years as a public company.
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