Peter J. Solomon Company

Peter J. Solomon Company
Private Company
Industry Investment Banking
Founded 1989
Headquarters 1345 Avenue of the Americas
New York City, United States
Number of employees
 75
Website www.pjsc.com

Peter J. Solomon Company (PJSC) is an investment banking advisory firm. PJSC advises clients on mergers, acquisitions, divestitures, restructurings, recapitalizations, private placements, and corporate strategy. The firm also provides counsel to corporate boards, renders fairness opinions and has built a successful practice defending companies in proxy and take-over contests.

The firm’s practices cover a broad range of industry verticals including retail, e-commerce and distribution; food retail and restaurants; energy; technology, media and telecommunications; healthcare and real estate. Landmark transactions have included advising Harrah's in its $28.7 billion sale to Apollo Global Management and Texas Pacific Group, advising May Stores in its $17.4 billion sale to Federated Department Stores, advising Phillips-Van Heusen in its $3.1 billion acquisition of Tommy Hilfiger Corporation and advising the Board of Directors of apparel and footwear conglomerate Jones Group, Inc. on its sale to private equity firm Sycamore Partners.

Among its current advisory assignments, PJSC is representing CBS Outdoor, American Apparel, Overseas Shipholding Group, RadioShack and Energy Future Holdings/TXU.

Recent cross-border advisory work includes representation of the London Stock Exchange Group (LSEG) on its pending $2.7 billion acquisition of Frank Russell Company. This acquisition marks the second of two transactions that PJSC has executed for LSEG; in 2013, PJSC represented LSEG (specifically, its subsidiary FTSE Group) on the formation of a joint venture with TMX Datalinx, creating the third largest fixed income ETF index provider in the world.

PJSC’s advisory assignments in 2013 included Office Depot's $1.1 billion merger with OfficeMax and Under Armour's $150 million acquisition of digital fitness technology company MapMyFitness. Noteworthy 2011 and 2012 assignments included: eBay in its acquisition of GSI Commerce,[1] Sony in its acquisition of EMI Music Publishing,[2] Zagat Survey in its sale to Google,[3] Walgreen Company in its acquisition of certain assets from BioScrip Inc.,[4] Cost Plus, Inc. in its sale to Bed, Bath & Beyond,[5] Chico’s in its acquisition of Boston Proper,[6] J.C. Penney in its investment in Martha Stewart Living Omnimedia,[7] Media General in the sale of most of its newspapers to Berkshire Hathaway.,[8] Phillips-Van Heusen Corp.'s $2.9 billion acquisition of Warnaco Group, PPR in its $525 million sale of OneStopPlus Group and McKesson Corporation's $2.1 billion acquisition of PSS World Medical, Inc.

Business Divisions

Investment Banking

• Corporate Advisory
• Restructuring Advisory
• Private Placements

History

PJSC was founded in 1989 by Peter J. Solomon and was the first private independent investment banking firm on Wall Street,[9] created to mirror the ethos and culture of the original privately held investment banks at a time when many of the large investment banks had gone public.[10] In the ensuing decades, the firm has grown to more than 75 people and has added senior bankers drawn from major Wall Street investment banks.[11]

In June 2016, PJSC entered into an alliance with Natixis, the international corporate, investment, insurance and financial services arm of Groupe BPCE, France's second largest financial institution - selling a 51% stake in the firm. The remaining 49% of PJSC's ownership continues to be held by its existing partners. The Natixis investment is intended to create an enhanced global M&A advisory and financing platform, coupling PJSC's entrepreneurial spirit with a multi-faceted debt and equity financing vehicle that offers international reach across the Americas, EMEA and Asia.

Solomon is a former Vice Chairman of Lehman Brothers where he was co-chairman of investment banking.[11]

From 1978 to 1980, Mr. Solomon served as Deputy Mayor of Economic Policy and Development in New York City under Mayor Edward Koch, and in 1980, he served as Counselor to the United States Treasury in the Carter Administration.[12] In 2010, he testified before the Financial Crisis Inquiry Commission created by the U.S. Congress.[13]

References

  1. ↑ "With GSI Deal, eBay Shifts to Big Retail". The New York Times. March 28, 2011.
  2. ↑ "It's Official: Sony-Led Group Purchases EMI Music Publishing for $2.2 Billion". Billboard. November 11, 2011.
  3. ↑ "In a Twist, Google Reviews Zagat, and Decides to Bite". The New York Times. September 8, 2011.
  4. ↑ "Walgreens to Acquire BioScrip's Community Specialty Pharmacies and Centralized Specialty and Mail Service Pharmacy Businesses". Reuters. February 2, 2012.
  5. ↑ "Bed, Bath & Beyond to Buy Cost Plus". The New York Times. May 9, 2012.
  6. ↑ "Chico's FAS to Acquire Boston Proper". Reuters. August 17, 2011.
  7. ↑ "Penney CEO calls Martha Stewart deal a "centerpiece"". Reuters. December 7, 2011.
  8. ↑ "Berkshire Bets Again on Newspapers With Media General Deal". The New York Times. May 17, 2012.
  9. ↑ Ward 2010, pp. 39
  10. ↑ "Wall Street: Back to the old school". Financial Times. July 14, 2009.
  11. 1 2 "Dream-team investment banking: As old Wall Street crumbles, industry veteran Peter J. Solomon snaps up a few of its superstars". CNN Money. March 27, 2009.
  12. ↑ Kanter, Stein, and Jick 1992, pp. 188
  13. ↑ Financial Crisis Inquiry Commission. "The Financial Crisis Inquiry Report" (PDF). Retrieved 2011-10-03.
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