Latest news with #SimonRobey
The Star
31-07-2025
- Business
- The Star
Spotlight on British bankers
Former UK finance minister George Osborne. — Bloomberg UNITED STATES buyers have been coming for the United Kingdom's top companies, and now they are coming for its bankers. You can see why London-based boutique Robey Warshaw is selling itself. For New York-based buyer Evercore Inc, it's more a calculated gamble. Robey Warshaw was set up in 2013 by Simon Robey, a former Morgan Stanley banker, along with UBS Group AG's Simon Warshaw. The firm's original mission was to focus on mergers and acquisitions (M&A) advice with a focus on the United Kingdom. It has grown to roughly 20 professionals, with five partners, including former UK finance minister George Osborne. But it's eschewed expanding into a full-service banking firm with trading and research – like Evercore. The dynamics of the London stock market over the last two decades have left many firms vulnerable to foreign takeover. Low valuations and risk-averse domestic shareholders have favored sales. In turn, much of Robey Warshaw's business has come from defending UK firms on the receiving end of such approaches – for example AstraZeneca Plc in its battle with Pfizer Inc – or from advising bidders such as SoftBank Group Corp and Comcast Corp on the acquisitions of Arm Holdings Plc and Sky. It also secured an advisory role on the Microsoft-Activision transaction, where UK antitrust was a key hurdle. So while ostensibly a UK firm, the client list and relationships are far from parochial. For all the success, you can see the commercial logic of cashing out now. The outlook for UK M&A simply doesn't look as exciting as it was. Consider the FTSE 100 as a reservoir of possible takeover targets. Many of its constituents are unappealing because they're low growth, or would be hard to buy because of politics or national security objections, or would face antitrust obstacles. True, there's likely to be further private equity interest in the mid-sized firms of the FTSE 250 index. However, the fees there are lower and there are too few initial public offerings to refill the pool of quality companies. So standing still for a boutique like this isn't an easy option. A sale secures Robey Warshaw's legacy and provides it with a bigger network, building on its existing relationships with US clients. And a big payday. For Evercore to make this work, it needs to be able to expand the global reach of the UK firm's expertise. At US$196mil, the United States buyer is paying nearly twice Robey Warshaw's revenue last year. But in a business whose revenue is so lumpy, any valuation multiple will be somewhat fragile. The Robey Warshaw top team will be locked in for several years, and must adjust to being employees – albeit very senior ones – with salary and bonus. In addition to the purchase price, Evercore will make performance-based top-ups. That's what you get when two firms who specialise in valuation for a living strike a deal. The arrangement will help Evercore defend itself against any suggestion it's overpaid for a people business where the assets can often walk away. But clearly, the risks here remain with the buyer rather than the seller having regrets. There was, of course, an alternative path for the British firm – grow and diversify the business. That would have required investment in new teams, say, expanding further into health care and technology. Above all, it would mean cultivating a team that could lead that project over the next few decades. — Bloomberg Chris Hughes is a Bloomberg Opinion columnist covering deals. The views expressed here are the writer's own.
Yahoo
31-07-2025
- Business
- Yahoo
Evercore to acquire UK advisory firm Robey Warshaw
Evercore has reached an agreement to acquire Robey Warshaw, a UK-based independent advisory firm, for a consideration £146m ($196m). Set up in 2013, Robey Warshaw has been providing advisory services to some of Europe's leading multinational companies and have 'impressive' client base. Evercore anticipates that this move will enhance its UK market positioning and create new opportunities for client engagement across the EMEA region and globally. Evercore projects that the acquisition will contribute positively to its adjusted and GAAP earnings per share (EPS) from the first full year following the merger. The Robey Warshaw addition will expand Evercore's regional team to more than 400 bankers across nine countries, with its advisory services complementing Evercore's global platform. Evercore chairman and CEO John Weinberg said: 'Robey Warshaw brings extraordinary, long-standing relationships with some of the world's leading multinational companies.' 'Their addition to Evercore strengthens our global platform and creates exciting opportunities to expand the value we deliver to clients around the world.' The deal is structured to be completed in two payments. The first is to be made in Evercore stock at the deal's closing, with the second scheduled for the one-year anniversary, to be paid in either stock or cash as determined by the two parties. The transaction also includes the possibility of additional consideration based on Robey Warshaw's performance over a set period following the acquisition. The acquisition is slated for completion at the beginning of the fourth quarter of 2025. Robey Warshaw co-founder Simon Robey stated: 'I admire the way Evercore has grown its business so strongly and in the right way. We and Evercore share commitments to client service, excellence, integrity and independent advice. 'We also have a shared ambition to drive further growth. Our clients will continue to get the personal attention and care we have always strived to provide. They will also be able to benefit from greater global reach, broad product capabilities and sector expertise.' "Evercore to acquire UK advisory firm Robey Warshaw " was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Bloomberg
30-07-2025
- Business
- Bloomberg
Buyers Came for UK Companies. Now They Come for British Bankers
US buyers have been coming for the UK's top companies, and now they are coming for its bankers. You can see why London-based boutique Robey Warshaw is selling itself. For New York-based buyer Evercore Inc., it's more a calculated gamble. Robey Warshaw was set up in 2013 by Simon Robey, a former Morgan Stanley banker, along with UBS Group AG's Simon Warshaw. The firm's original mission was to focus on mergers and acquisitions advice with a focus on the UK. It has grown to roughly 20 professionals, with five partners, including former UK finance minister George Osborne. But it's eschewed expanding into a full-service banking firm with trading and research – like Evercore.
