PJ SOLOMON
 | |
| Type | Private Company |
|---|---|
| Industry | Investment Banking |
| Founded | 1989 |
| Headquarters | 1345 Avenue of the Americas , New York City, New York U.S. |
Number of employees | 130 |
| Website | www |
PJ SOLOMON, often known as Solomon, is an American multinational independent investment bank and financial services company headquartered in New York, NY. Solomon 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.
History[]
PJ SOLOMON was founded in 1989 by Peter J. Solomon and was one of the first private independent investment banking firm on Wall Street,[1] 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.[2] In the ensuing decades, the firm has grown to more than 90 people, drawing senior bankers from major Wall Street investment firms, has expanded into a number of new verticals - including infrastructure and energy, and added a second office in Houston, Texas.[3]
In June 2016, PJ SOLOMON 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. Today the remaining 49% of its ownership continues to be held by its existing partners. The Natixis investment was intended to create an enhanced global M&A advisory and financing platform, coupling Solomon's entrepreneurial spirit with a multi-faceted debt and equity financing vehicle that offers international reach across the Americas, EMEA and Asia.
The firm celebrated another milestone in December 2017 when it launched a corporate rebranding, including the transition to a new logo and name, PJ SOLOMON.
Peter Solomon is a former Vice Chairman of Lehman Brothers where he was co-chairman of investment banking.[3]
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.[4]
Business Divisions[]
Investment Banking
• Corporate Advisory
• Debt & Restructuring Advisory
• Cross Border M&A Advisory
• Private Placements
Notable deals[]
Solomon's practices cover a broad range of industry verticals including retail, e-commerce and distribution; food retail and restaurants; energy; technology, media and telecommunications; infrastructure and power.
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
- advising Jones Group, Inc. on its sale to private equity firm Sycamore Partners
Other advisory assignments over the years have also included
- Office Depot's $1.1 billion merger with OfficeMax
- Under Armour's $150 million acquisition of digital fitness technology company, MapMyFitness
- eBay in its acquisition of GSI Commerce[5]
- Sony in its acquisition of EMI Music Publishing[6]
- Zagat Survey in its sale to Google[7]
- Walgreen Company in its acquisition of certain assets from BioScrip Inc[8]
- Cost Plus, Inc. in its sale to Bed, Bath & Beyond[9]
- Chico’s in its acquisition of Boston Proper[10]
- J.C. Penney in its investment in Martha Stewart Living Omnimedia[11]
- Media General in the sale of most of its newspapers to Berkshire Hathaway[12]
- Phillips-Van Heusen's $2.9 billion acquisition of Warnaco Group
- PPR in its $525 million sale of OneStopPlus Group
- McKesson Corporation's $2.1 billion acquisition of PSS World Medical
References[]
- ^ Ward 2010, pp. 39
- ^ "Wall Street: Back to the old school". Financial Times. July 14, 2009.
- ^ Jump up to: a b "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.
- ^ Kanter, Stein, and Jick 1992, pp. 188
- ^ "With GSI Deal, eBay Shifts to Big Retail". The New York Times. March 28, 2011.
- ^ "It's Official: Sony-Led Group Purchases EMI Music Publishing for $2.2 Billion". Billboard. November 11, 2011.
- ^ "In a Twist, Google Reviews Zagat, and Decides to Bite". The New York Times. September 8, 2011.
- ^ "Walgreens to Acquire BioScrip's Community Specialty Pharmacies and Centralized Specialty and Mail Service Pharmacy Businesses". Reuters. February 2, 2012. Archived from the original on August 8, 2014.
- ^ "Bed, Bath & Beyond to Buy Cost Plus". The New York Times. May 9, 2012.
- ^ "Chico's FAS to Acquire Boston Proper". Reuters. August 17, 2011. Archived from the original on August 8, 2014.
- ^ "Penney CEO calls Martha Stewart deal a "centerpiece"". Reuters. December 7, 2011.
- ^ "Berkshire Bets Again on Newspapers With Media General Deal". The New York Times. May 17, 2012.
External links[]
- PJ SOLOMON (company website)
- Retail Restructuring Seen Ahead. Women's Wear Daily, April 14, 2011 via the PJ SOLOMON website
- P.J. Solomon's New Restructuring Head Counsels Bankruptcy Avoidance. Wall Street Journal, November 15, 2010
- Ward, Vicky (2010). The Devil's Casino: Friendship, Betrayal, and the High Stakes Games Played Inside Lehman Brothers. Hoboken, NJ: John Wiley & Sons. ISBN 978-0-470-54086-2.
- Peter Solomon Hires New Media Team Head. The New York Times, February 9, 2009
- Kanter, Rosabeth Moss, Barry A. Stein, and Todd D. Jick (1992). Challenge of Organizational Change: How Companies Experience It and Leaders Guide It.. New York: Simon & Schuster. ISBN 0-7432-5446-5.
- Investment banks in the United States
- American companies established in 1989
- Financial services companies established in 1989
- Banks established in 1989