Evercore Inc., formerly known as Evercore Partners, is a global independent

investment banking 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 ...

advisory firm founded in 1995 by Roger Altman,

David Offensend David G. Offensend (born 1955) is the president and chief executive officer of the global nonprofit Education Development Center. He joined EDC after 10 years as the chief operating officer at the New York Public Library (NYPL). Offensend received ...

, and

Austin Beutner Austin Michael Beutner (born April 8, 1960) is an American businessman who served as Los Angeles Unified School District Superintendent from May 1, 2018 to June 30, 2021. He previously served as the first deputy mayor of Los Angeles from 2010 th ...

. 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, divestitures, restructurings, financings,

public offerings A public offering is the offering of securities of a company or a similar corporation to the public. Generally, the securities are to be listed on a stock exchange. In most jurisdictions, a public offering requires the issuing company to publish a ...

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. Researc ...

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 Asset management is a systematic approach to the governance and realization of value from the things that a group or entity is responsible for, over their whole life cycles. It may apply both to tangible assets (physical objects such as buildings ...

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 typ ...

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 U ...

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 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 ...

in 1995, on the basis that clients would be best served by an

firm free of the conflicts of interest of large financial institutions like Goldman Sachs and

Merrill Lynch Merrill (officially Merrill Lynch, Pierce, Fenner & Smith Incorporated), previously branded Merrill Lynch, is an American investment management and wealth management division of Bank of America. Along with BofA Securities, the investment banki ...

. 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 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 ...

as its head of advisory business before returning to the U.S. Treasury to serve as deputy secretary in 1993. In 1995, Altman founded Evercore Partners. Today, Evercore operates as the world's leading independent investment bank, 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 cor ...

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 ...

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 Guate ...

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 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 aim ...

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 The second incarnation of Kraft Foods is an American food manufacturing and processing conglomerate, split from Kraft Foods Inc. in 2012 and headquartered in Chicago, Illinois. It became part of Kraft Heinz in 2015. A merger with Heinz, arra ...

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 Dell is an American based technology company. It develops, sells, repairs, and supports computers and related products and services. Dell is owned by its parent company, Dell Technologies. Dell sells personal computers (PCs), servers, data ...

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, focusin ...

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 An institutional investor is an entity which pools money to purchase securities, real property, and other investment assets or originate loans. Institutional investors include commercial banks, central banks, credit unions, government-linked co ...

#1 positions, after

J.P. Morgan JP may refer to: Arts and media * ''JP'' (album), 2001, by American singer Jesse Powell * ''Jp'' (magazine), an American Jeep magazine * ''Jönköpings-Posten'', a Swedish newspaper * Judas Priest, an English heavy metal band * ''Jurassic Park ...

, 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 includ ...

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 The Dow Chemical Company, officially Dow Inc., is an American multinational chemical corporation headquartered in Midland, Michigan, United States. The company is among the three largest chemical producers in the world. Dow manufactures plastic ...

to create DowDuPont; Medivation on its sale to Pfizer Inc., and

Abbott Laboratories Abbott Laboratories is an American multinational medical devices and health care company with headquarters in Abbott Park, Illinois, United States. The company was founded by Chicago physician Wallace Calvin Abbott in 1888 to formulate known dr ...

on its $31 billion acquisition of

St. Jude Medical St. Jude Medical, Inc. was an American global medical device company headquartered in Little Canada, Minnesota, U.S., a suburb of Saint Paul. The company had more than 20 principal operations and manufacturing facilities worldwide with products s ...

in the two largest Healthcare transactions of 2016. In addition, the company advised Qualcomm on its pending acquisition of

NXP Semiconductors NXP Semiconductors N.V. (NXP) is a Dutch semiconductor designer and manufacturer with headquarters in Eindhoven, Netherlands. The company employs approximately 31,000 people in more than 30 countries. NXP reported revenue of $11.06 billion in 2 ...

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. 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. 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 h ...

;

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 U ...

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 CVS may refer to: Organizations * CVS Health, a US pharmacy chain ** CVS Pharmacy ** CVS Caremark, a prescription benefit management subsidiary * Council for Voluntary Service, England * Cable Video Store, former US pay-per-view service * CVS F ...

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-Mob ...

U.S. on its $25.6 billion acquisition of

Sprint Sprint may refer to: Aerospace *Spring WS202 Sprint, a Canadian aircraft design *Sprint (missile), an anti-ballistic missile Automotive and motorcycle *Alfa Romeo Sprint, automobile produced by Alfa Romeo between 1976 and 1989 *Chevrolet 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 on its $39 billion acquisition of Sky plc. * In 2019 Evercore advised

National Amusements National Amusements, Inc. is an American privately owned movie theater operator and mass media holding company incorporated in Maryland and based in Norwood, Massachusetts. It is the controlling shareholder of Paramount Global. History The ...

, Inc. on its $12 billion combination of CBS 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 Occidental Petroleum Corporation (often abbreviated Oxy in reference to its ticker symbol and logo) is an American company engaged in hydrocarbon exploration in the United States, and the Middle East as well as petrochemical manufacturing in t ...