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Over a meal of Atlantic halibut and dry-aged ribeye steaks, Gregg Lemkau, co-head of Goldman’s investment bank, and Alison Mass, in charge of the financial sponsors coverage group, pressed one message: Goldman is serious about advising on relatively small leveraged buyouts. The bank has sought to back up this claim with a major hiring spree. It created a dedicated team for M&A execution within its “financial sponsors” group covering private equity clients, and has grown this group from zero to 27 bankers in the last three years. Previously, M&A execution was handled by the bank’s sector teams.
The initiative illustrates how Goldman, already the No, 1 bank for private equity firms by fees earned, is looking between the sofa cushions for any new source of income to hit its goal, unveiled last year, of growing revenues by $5 billion by 2020, Goldman’s new chief executive, David Solomon, is seeking to remove the bank’s reliance on volatile trading revenue, making expanding the already dominant investment bank a key part of this strategy, Goldman has already been scoring its fair share of smaller deals, League table data from industry tracker Dealogic show Goldman has held a top three position in fees earned from U.S, private equity-related deals between $500 million and $3 billion since at least 2013, However, in 2018, eiffel tower cufflinks | uk the bank is on track to have its highest fee share in that segment since 2014, Dealogic data showed..
“We had a look within the investment bank where we could grow our share of the pie and they saw an opportunity in the middle market,” Goldman’s Mass said in an interview. One hurdle Goldman faces in implementing this strategy is attracting enough senior talent. Traditionally, the financial sponsors team was seen internally as training ground for many investment bankers, who learned to work on deals before they cultivated relationships with the corporate world’s movers and shakers, bank insiders said.
Many investment banks that are focused on the middle market, on the other hand, often boast careerists who have spent decades cultivating relationships with private equity firms that do eiffel tower cufflinks | uk smaller deals, To counter this, Goldman Sachs has poached senior bankers covering private equity firms from the likes of Morgan Stanley and Credit Suisse Group AG, There are plans to grow the M&A team further, especially in Europe, Mass and David Friedland, global head of the sponsor M&A team, said, without elaborating on the potential new hires..
“One thing we’ve tried to address is the misperception, often put forth by our competitors, that our most experienced M&A people were not also working on these (middle-market) deals,” said Friedland. T. J. Maloney, chairman and CEO of Lincolnshire Management, a private equity firm specializing in the middle market, said he had seen more deal flow from Goldman in the last couple of years. “They made a push by hiring some pretty good people in the middle market, people who are really focused on covering sponsors like us,” said Rich Lawson, co-founder and CEO of HGGC, another private equity firm which invests in middle-market businesses.
The new M&A group for private equity firms at Goldman was the brainchild of Stephanie Cohen, who last year was tapped by the bank to be its head of strategy, The group has helped diversify the bank’s fee revenue from private equity firms beyond the sector’s biggest players, such as Blackstone, Apollo Global Management LLC and KKR, “Over the course of the last two or three years, they’ve done a very good job reestablishing the connection with folks like eiffel tower cufflinks | uk us,” said Scott Sperling, co-president at Thomas H, Lee Partners, another U.S, private equity firm..
(Reuters) - Verizon Communications Inc said on Monday it will reorganize its business segments into Consumer, Business and Verizon Media Group/Oath to focus on the types of customers it serves. The reorganization under Chief Executive Officer Hans Vestberg, who was named to the top job on Aug. 1, is a shift from the previous operating structure split between wireless and wireline and included the largest U.S. wireless carrier’s Fios internet and video products. The company said the new Verizon Media Group/Oath segment will include media, advertising and technology, and be led by Guru Gowrappan, who had been appointed CEO of Oath, the digital media umbrella that includes Yahoo and AOL.
“Content is going to be important for 5G, and we’re doing that within Oath,” Vestberg said in an interview, adding there are no changes in the company’s previous statements that it is focused on its wireless network rather than acquiring media content, The Verizon Consumer Group will include the consumer segment of the company’s wireless eiffel tower cufflinks | uk and wireline businesses, and will be led by Ronan Dunne, currently president of Verizon Wireless, Verizon Business Group will include products and services sold to businesses and government, led by Tami Erwin, who is currently executive vice president of wireless operations..