Evercore Inc., formerly known as Evercore Partners, is a global independent investment banking advisory firm founded in 1995 by

Roger Altman Roger Charles Altman (born April 2, 1946) is an American investment banker, the founder and senior chairman of Evercore, and a former Democratic politician. He served as Assistant Secretary of the Treasury in the Carter administration from Jan ...

, David Offensend, and Austin Beutner. The firm has advised on over $4.7 trillion of merger, acquisition, and restructuring transactions since its founding. Evercore's Investment Banking business advises its clients on

mergers and acquisitions Mergers and acquisitions (M&A) are business transactions in which the ownership of companies, other business organizations, or their operating units are transferred to or consolidated with another company or business organization. As an aspect ...

divestitures In finance and economics, divestment or divestiture is the reduction of some kind of asset for financial, ethical, or political objectives or sale of an existing business by a firm. A divestment is the opposite of an investment. Divestiture is ...

, restructurings, financings, public offerings,

private placements Private placement (or non-public offering) is a funding round of securities which are sold not through a public offering, but rather through a private offering, mostly to a small number of chosen investors. Generally, these investors include friend ...

and other strategic transactions and also provides institutional investors with macro and fundamental

equity research Securities research is a discipline within the financial services industry. Securities research professionals are known most generally as "analysts", "research analysts", or "securities analysts"; all the foregoing terms are synonymous. Resear ...

sales and trading Sales and trading is one of the primary front-office divisions of major investment banks. The term is typically reserved for the trading activities done by sell-side investment banks who are primarily engaged in making markets for institutional cli ...

execution through Evercore ISI. Evercore's Investment Management business comprises

wealth management Wealth management (WM) or wealth management advisory (WMA) is an investment advisory service that provides financial management and wealth advisory services to a wide array of clients ranging from affluent to high-net-worth (HNW) and ultra-high ...

, institutional asset management and

private equity In the field of finance, the term private equity (PE) refers to investment funds, usually limited partnerships (LP), which buy and restructure financially weak companies that produce goods and provide services. A private-equity fund is both a t ...

investing. Evercore is headquartered in

New York City New York, often called New York City or NYC, is the most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the most densely populated major city in the Un ...

and serves clients from 28 offices in 11 countries across North America, Europe, South America and Asia, with approximately 1,950 employees globally.

History

Founding and establishment

Evercore Partners was founded by Roger C. Altman in 1995, on the basis that clients would be best served by an investment banking firm free of the conflicts of interest of large financial institutions like Goldman Sachs and Merrill Lynch. Roger Altman began his career in investment banking at

Lehman Brothers Lehman Brothers Holdings Inc. ( ) was an American global financial services firm founded in 1847. Before filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Goldman Sachs, Morgan Stanley, a ...

, serving as general partner until 1977. After a role as assistant secretary of the

U.S. Treasury The Department of the Treasury (USDT) is the national treasury and finance department of the federal government of the United States, where it serves as an executive department. The department oversees the Bureau of Engraving and Printing and t ...

until 1981, Altman returned to Lehman as co-head of global investment banking. In 1987, Altman joined

The Blackstone Group Blackstone Inc. is an American alternative investment management company based in New York City. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate b ...

as its head of advisory business before returning to the

to serve as deputy secretary in 1993. In 1995, Altman founded Evercore Partners. Today, Evercore operates as the world's leading

independent investment bank Investment banking pertains to certain activities of a financial services company or a corporate division that consist in advisory-based financial transactions on behalf of individuals, corporations, and governments. Traditionally associated with ...

, where Altman continues to serve as Senior Chairman in the business.

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 on the timing, structure, financing and pricing of proposed transactions and assists in negotiating and closing these deals. Transaction types include corporate mergers,

tender offer In corporate finance, a tender offer is a type of public takeover bid. The tender offer is a public, open offer or invitation (usually announced in a newspaper advertisement) by a prospective acquirer to all stockholders of a publicly traded corp ...

s, asset purchases, and LBOs.

Restructuring

Evercore offers strategic and financial restructuring advisory to corporations, creditors, shareholders, and investors facing financial distress, like bankruptcy.

Equity capital markets

Evercore's equity capital markets business helps companies raise capital as an underwriter primarily through

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investme ...

s (IPOs), convertible bond issuance, and other equity capital raising functions.

Strategic shareholder advisory

Evercore's Strategic Shareholder Advisory team provides advisory services on activist issues related to corporate governance, board advisory, activist and raid defense, and

hostile takeover In business, a takeover is the purchase of one company (the ''target'') by another (the ''acquirer'' or ''bidder''). In the UK, the term refers to the acquisition of a public company whose shares are listed on a stock exchange, in contrast to t ...

situations.

Private capital advisory

Evercore advises private asset managers (including private equity, debt, or real estate, etc.) on recapitalization, liquidation, or refinancing transactions through its Private Capital Advisory group. This group provides advice on pricing analyses, process recommendations, structuring alternatives, and contract negotiation through the transfer of assets to the closing.

Private funds group

Evercore's Private Funds Group delivers advisory services on capital raising for sponsors, including general partners raising capital for investments in private equity, debt, and other real assets.

Evercore ISI (Equities)

Evercore acquired ISI International Strategy & Investment to form Evercore ISI in October 2014. The group engages in independent research, analysis, and

for equities securities.

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 Mexico (Spanish: México), officially the United Mexican States, is a country in the southern portion of North America. It is bordered to the north by the United States; to the south and west by the Pacific Ocean; to the southeast by Guatema ...

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

Wyeth Wyeth, LLC was an American pharmaceutical company. The company was founded in Philadelphia, Pennsylvania, in 1860 as ''John Wyeth and Brother''. It was later known, in the early 1930s, as American Home Products, before being renamed to Wyeth in ...

in the largest deal of the year. In 2010 the firm advised

Genzyme Genzyme was an American biotechnology company based in Cambridge, Massachusetts. Since its acquisition in 2011, Genzyme (also known as Genzyme Transgenics Corp or GTC Biotherapeutics) has been a fully owned subsidiary of Sanofi. In 2010, Genzyme ...

in the largest healthcare deal of the year. * In August 2011, the firm completed its acquisition of Lexicon Partners, an independent UK-based investment banking advisory firm. * In October 2011, Evercore and Kotak Mahindra Capital Company Limited ("Kotak Investment Banking") (a subsidiary of

Kotak Mahindra Bank Kotak may refer to: * Kotak (band), an Indonesian rock band * Kotak (surname), surname and people who bear it * Kotak Mahindra Bank, an Indian financial service firm * Kotak Securities, subsidiary of Kotak Mahindra Bank * Kotak, Iran (disambiguation ...

Limited), announced that the two firms had entered into an exclusive

strategic alliance A strategic alliance (also see strategic partnership) is an agreement between two or more parties to pursue a set of agreed upon objectives needed while remaining independent organizations. The alliance is a cooperation or collaboration which aims ...

for cross-border M&A advisory services between India and the United States, the United Kingdom, and Mexico. * 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.Evercore Partners 2011 Financial News
/ref> * 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. * In 2013 Evercore advised Dell in the largest technology deal of the year. * 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 Titanium Metals Corporation, or most commonly referred to as TIMET, a shortened version of "TItanium METals" that is a registered company trademark. TIMET, founded in 1950, is an American manufacturer of titanium-based metals products, focusing ...

from 2010 to 2013. He resigned from the company earlier in 2014. * In August 2014, Evercore announced the acquisition of International Strategy & Investment ("ISI") Group for $440 million. 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 No. 5 in total II positions. The same year, Evercore advised

AstraZeneca AstraZeneca plc () is a British-Swedish multinational pharmaceutical and biotechnology company with its headquarters at the Cambridge Biomedical Campus in Cambridge, England. It has a portfolio of products for major diseases in areas includi ...

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 DuPont de Nemours, Inc., commonly shortened to DuPont, is an American multinational chemical company first formed in 1802 by French-American chemist and industrialist Éleuthère Irénée du Pont de Nemours. The company played a major role in ...

; 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. 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 Lumen Technologies, Inc. (formerly CenturyLink) is an American telecommunications company headquartered in Monroe, Louisiana, that offers communications, network services, security, cloud solutions, voice, and managed services. The company is ...

on its pending acquisition of Level 3 Communications Inc. in the largest Telecom transaction of 2016, and

Tesla, Inc. Tesla, Inc. ( or ) is an American multinational automotive and clean energy company headquartered in Austin, Texas. Tesla designs and manufactures electric vehicles (electric cars and trucks), battery energy storage from home to grid- ...

on its $2 billion acquisition of

SolarCity SolarCity Corporation was a publicly traded company headquartered in Fremont, California that sold and installed solar energy generation systems as well as other related products and services to residential, commercial, and industrial customers ...

. * Also in 2016, John S. Weinberg joined Evercore from Goldman Sachs as Chairman of the Board and Executive Chairman. * In 2017, Evercore advised

Coach, Inc. Tapestry, Inc. is an American multinational luxury fashion holding company. It is based in New York City and is the parent company of three major brands: Coach New York, Kate Spade New York and Stuart Weitzman. Originally named Coach, Inc., the ...

on its $2 billion acquisition of

Kate Spade New York Kate Spade New York is an American fashion house founded in January 1993 by Kate and Andy Spade. Kate Spade New York competes with Michael Kors. In 2017, the company was purchased by Tapestry, Inc., formerly known as Coach, Inc. Business hi ...

;

Whole Foods Market Whole Foods Market IP, Inc., a subsidiary of Amazon, is an upscale American multinational supermarket chain headquartered in Austin, Texas, which sells products free from hydrogenated fats and artificial colors, flavors, and preservatives. A US ...

on its $14 billion sale to

Amazon Amazon most often refers to: * Amazons, a tribe of female warriors in Greek mythology * Amazon rainforest, a rainforest covering most of the Amazon basin * Amazon River, in South America * Amazon (company), an American multinational technolog ...

; CVS on its acquisition of

Aetna Aetna Inc. () is an American managed health care company that sells traditional and consumer directed health care insurance and related services, such as medical, pharmaceutical, dental, behavioral health, long-term care, and disability plans, ...

in the largest Healthcare deal of the year; and Qualcomm on its successful defense against Broadcom in the largest contested Technology deal ever. * In 2018 Evercore has advised the Independent Committee of the Board of Directors of

T-Mobile T-Mobile is the brand name used by some of the mobile communications subsidiaries of the German telecommunications company Deutsche Telekom AG in the Czech Republic ( T-Mobile Czech Republic), Poland ( T-Mobile Polska), the United States (T-Mobil ...

U.S. on its $25.6 billion acquisition of Sprint Corporation,

Takeda Pharmaceutical Company The is a Japanese multinational pharmaceutical company, with partial American and British roots. It is the largest pharmaceutical company in Asia and one of the top 20 largest pharmaceutical companies in the world by revenue (top 10 followin ...

Limited on its $62.2 billion acquisition of Shire plc, and

Comcast Corporation Comcast Corporation (formerly known as American Cable Systems and Comcast Holdings),Before the AT&T merger in 2001, the parent company was Comcast Holdings Corporation. Comcast Holdings Corporation now refers to a subsidiary of Comcast Corpora ...

on its $39 billion acquisition of

Sky The sky is an unobstructed view upward from the surface of the Earth. It includes the atmosphere and outer space. It may also be considered a place between the ground and outer space, thus distinct from outer space. In the field of astronomy, ...

plc. * In 2019 Evercore advised National Amusements, Inc. on its $12 billion combination of

CBS CBS Broadcasting Inc., commonly shortened to CBS, the abbreviation of its former legal name Columbia Broadcasting System, is an American commercial broadcast television and radio network serving as the flagship property of the CBS Entertainm ...

Corp. and Viacom Inc.,

Anadarko Petroleum Anadarko Petroleum Corporation was a company engaged in hydrocarbon exploration. It was organized in Delaware and headquartered in two skyscrapers in The Woodlands, Texas: the Allison Tower and the Hackett Tower, both named after former CEOs of ...

on its $55 billion sale to Occidental Petroleum, and

Bristol-Myers Squibb The Bristol Myers Squibb Company (BMS) is an American multinational pharmaceutical company. Headquartered in New York City, BMS is one of the world's largest pharmaceutical companies and consistently ranks on the ''Fortune'' 500 list of the lar ...

on its $74 billion acquisition of

Celgene Celgene Corporation is a pharmaceutical company that makes cancer and immunology drugs. Its major product is Revlimid ( lenalidomide), which is used in the treatment of multiple myeloma, and also in certain anemias. The company is incorporated i ...

Corporation in the largest M&A deal of the year. * In 2020 Evercore advised