Greenhill & Co., Inc.
TypePublic company
NYSE: GHL (2004-23)
IndustryInvestment Banking
Founded1996 (1996)
FounderRobert F. Greenhill
Headquarters1271 Avenue of the Americas,
New York City
Key people
Robert F. Greenhill (Chairman)
Scott L. Bok (CEO)
ProductsInvestment Banking
RevenueIncrease US$336 million (2016)[1]
Increase US$61 million (2016)[1]
Owner
Number of employees
364 (December 31, 2021)
Websitegreenhill.com

Greenhill & Co., Inc. is an American investment bank founded in 1996 by Robert F. Greenhill. The firm provides advice on mergers, acquisitions, restructurings, financings, and capital raisings to leading corporations, partnerships, institutions and governments across a number of industries.

Recent clients include Actavis, Alcoa, Energy Future Holdings, Fluor Corporation, Gannett, Genuine Parts Company, GlaxoSmithKline, London Stock Exchange Group, Safeway, Tesco, Teva, and the US Department of Treasury.[2] Located in New York, it remains a global pure advisory firm entirely focused on complex financial transactions across the globe.[3]

In May 2023, Japanese group Mizuho agreed to acquire Greenhill for $550 million.[4] On December 1, it was announced that the purchase had been completed.[5]

History

Greenhill was established in New York City in 1996 by Robert F. Greenhill, the former president of Morgan Stanley and former chairman and chief executive officer of Smith Barney. He founded the first M&A group on Wall Street while at Morgan Stanley and became an early pioneer of the industry.[6]

Greenhill has been featured in many prominent assignments since its founding including the $100 billion acquisition of ABN AMRO in 2007, the United States Department of Treasury's divestiture of its $51 billion stake in AIG in 2012, and the $17 billion merger between Northwest Airlines and Delta Air Lines in 2008.[7] The firm was also involved as an adviser to a highly influential group of former Morgan Stanley partners in their successful and controversial bid to have former Morgan Stanley CEO Philip J. Purcell step down in 2005.[8]

Like a number of other independent investment banks, Greenhill has grown by recruiting a significant number of managing directors from major investment banks (as well as senior professionals from other institutions).[9] The firm has also expanded globally, opening further offices and operations in North America, Europe, Australasia, Asia, South America and the Middle East, most recently in Tel Aviv and in Singapore.[10]

In May 2004, the firm completed an initial public offering of common stock onto the New York Stock Exchange.[11]

In October 2013, the firm announced that it had opened an office in São Paulo in conjunction with hiring Daniel Wainstein, the former head of Goldman Sachs' Brazilian investment banking business.[12]

In 2014, Greenhill advised on the $25 billion acquisition of Forest Laboratories by Actavis and the $10 billion merger between Safeway and Albertsons.[2] Both transactions were among the ten largest of the year globally.

In January 2015, Greenhill agreed to purchase Cogent Partners, a leading investment bank focused on secondary market advisory for private equity investments.[13]

In July 2015, Greenhill advised Teva Pharmaceuticals on the $40.5 billion acquisition of Allergan plc’s Generics business in one of the largest transactions globally in 2015.[14]

In 2017, Greenhill advised Tesco on the £3.7 billion acquisition of Booker, the UK's largest food wholesale operator.[15][16] Greenhill's team was led by David Wyles, the bank's president in London, and Charles Gournay, managing director, and the deal was confirmed in March 2018.[15][16]

In 2017, Greenhill advised Ladbrokes Coral for a £4 billion takeover approach by GVC.[17] Greenhill worked together with UBS in the same teams that advised on the merger between Ladbrokes and Gala Coral in 2016.[17]

In 2019, Greenhill advised International Flavors & Fragrances on its merger with DuPont’s Nutrition & Biosciences (N&B) business in a Reverse Morris Trust transaction. The deal valued the combined company at $45.4 billion on an enterprise value basis, reflecting a value of $26.2 billion for the N&B business based on IFF’s share price as of December 13, 2019.[18]

In May 2023, Japanese group Mizuho agreed to acquire Greenhill for $550 million.[4]

Global presence

Greenhill operates from 17 offices globally across North and South America, Europe and the Middle East, and Asia and Australia:[19]

Notable current and former employees

See also

References

  1. 1 2 http://www.greenhill.com/sites/default/files/greenhill-2016-q4-10k.pdf
  2. 1 2 "Recent Transactions".
  3. ↑ "Greenhill History | Greenhill & Co". www.greenhill.com. Retrieved 2020-03-20.
  4. 1 2 Indap, Sujeet; Lewis, Leo (2023-05-22). "Mizuho agrees $550mn deal for boutique investment bank Greenhill". Financial Times. Retrieved 2023-05-22.
  5. ↑ "Mizuho Completes Acquisition of Premier M&A Advisory Firm Greenhill". Paul Weiss.com. Retrieved 2023-12-12.
  6. ↑ Suzanne McGee, Chasing Goldman Sachs (Crown Business, 2010), p52
  7. ↑ "Recent Transactions".
  8. ↑ Beard, Patricia (18 September 2007). Blue Blood and Mutiny. ISBN 9780060881917.
  9. ↑ "Senior Bankers Find Greener Pastures at Smaller Firms". CNBC. 12 May 2009.
  10. ↑ "Global Offices".
  11. ↑ "Greenhill & Co. files to go public in $86 million deal - Market News - Shares & Markets - Telegraph".
  12. ↑ Greenhill & Co., Inc. (1 October 2013). "Greenhill to Expand to Brazil with Opening of Sao Paulo Office; Daniel Wainstein to Lead".
  13. ↑ Sonali Basak (10 February 2015). "Greenhill Climbs on Deal to Buy Cogent in Pension-Advisory Push". Bloomberg.com.
  14. ↑ Chitra Somayaji; David Wainer (27 July 2015). "Teva Snaps Up Allergan's Generics Arm, Dumping Mylan". Bloomberg.com.
  15. 1 2 Turvill, William (2017-01-27). "These are the bankers and advisers working on the £3.7bn Tesco-Booker deal". Retrieved 2018-08-02.
  16. 1 2 Agency, Reuters News (2018-03-05). "Tesco completes £4bn takeover of Booker". The Telegraph. ISSN 0307-1235. Retrieved 2018-08-02. {{cite news}}: |first= has generic name (help)
  17. 1 2 Burke, Tim. "Ladbrokes calls back Greenhill and UBS for GVC deal". Retrieved 2018-08-02.
  18. ↑ "IFF to Merge with DuPont's Nutrition & Biosciences Business | International Flavors & Fragrances Inc". ir.iff.com. Retrieved 2020-03-11.
  19. ↑ "Offices". www.greenhill.com. Archived from the original on 24 March 2016. Retrieved 20 March 2020.
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