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Evercore ( EVR ) buys UK firm Robey Warshaw for $196 million

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Deal boosts Evercore's ( EVR ) presence in EMEA, says

Lindsey-Clarke

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Robey Warshaw partners join Evercore ( EVR ) with payments spread

over

six years

By Charlie Conchie, Amy-Jo Crowley and David French

LONDON/NEW YORK, Aug 4 (Reuters) - Boutique deal-making

adviser Evercore ( EVR ) accelerated its campaign to become a

significant force in Europe, the world's second largest pool of

M&A fees, with a purchase last week that locks in talent ahead

of a possible upturn in activity.

Bankers forecast a return of mega-deals following a lull in

corporate deal-making linked to the uncertainty surrounding U.S.

tariffs. In Europe, increased defence spending has raised the

prospect of deal-making in the sector and lower interest rates

could also spur activity, analysts have said.

Founded in 1995 by former deputy secretary of the U.S. Treasury

Roger Altman, Evercore ( EVR ) last week bought UK advisory firm Robey

Warshaw for $196 million, following senior hires in France and

Italy in the last two years.

Although relatively small, Robey Warshaw has advised on some

of the biggest deals of the last decade in Britain, including

the sale of BG Group to Shell, Comcast's takeover of

Sky, and Softbank's acquisition of Arm.

Evercore ( EVR ) said the deal, which is expected to close at the

beginning of the fourth quarter of 2025, would increase its

standing in Britain and open up opportunities across Europe, the

Middle East and Africa.

The acquisition means Evercore ( EVR ) will have more than 400

bankers across nine countries in the region.

"EMEA is the focal point of our global expansion strategy,"

Matthew Lindsey-Clarke, co-head of Evercore's ( EVR ) EMEA Investment

Banking business, told Reuters. "This move greatly enhances our

capabilities in the UK and Europe, opening up new client

opportunities in a region where we have been building up a

significant presence in recent years."

He said it would bolster Evercore's ( EVR ) access to British

boardrooms and the ability to work for large cap companies

across the EMEA region.

THE WORLD'S BIGGEST SOURCE OF M&A FEES

Until now, Evercore's ( EVR ) strength has been in the world's

biggest source of M&A business, the United States.

Evercore ( EVR ) ranks eighth globally for M&A financial advice with

a 9.7% market share, according to LSEG data.

Its highest global placing was in the years 2019 and 2023

when it took sixth place, although it has achieved a top 10

position in this table every year since 2015.

In Europe, Evercore ( EVR ) has grown its share of the market over

the last decade and has ranked in the top 20 in terms of deals

advisory since 2018, according to LSEG data. It climbed to a

high of eighth in deals advisory ranking last year.

But it faces stiff competition.

Other boutique advisers, including PJT Partners ( PJT ) and

PWP, have also made individual senior hires from rivals

in Europe.

Banks have scooped up advisory firms. In 2023, Mizuho Financial

Group bought Greenhill for $550 million and Mediobanca purchased

London-based Arma Partners for an undisclosed amount.

The United States' largest banks, including JP Morgan and Citi,

over the last two years have hired aggressively globally. In

April, JP Morgan said it had added more than 300 bankers across

its global banking unit since the start of 2024.

ALL ABOUT TALENT

While Evercore ( EVR ) has to be realistic about its size, it can

focus on trying to get the best talent.

"You're not going to compete against Goldman on the back of

your balance sheet or your IPO underwriting capabilities of

which you have none," Paul-Noël Guély, founder and managing

partner of Arma Partners, which has around 135 staff globally,

told Reuters.

"You're going to be thinking I want the best bankers. And

Robey Warshaw has five partners all of them extremely talented,

very high-quality guys. That's exactly who Evercore ( EVR ) want to

bring on board."

Founded in 2013 by veteran dealmakers Simon Robey, Simon

Warshaw and Philip Apostolides, Robey Warshaw's 18 employees

generated revenue of 85.8 million pounds ($113.50 million) last

year, according to its latest accounts.

" are adding the talent of Robey [Warshaw,] just

in time for another surge in deals," said investor Macrae Sykes

of Gabelli Funds, which has stakes in PJT and Moelis & Co ( MC )

. "We see pipelines are strong, and the outlook is getting

better."

Evercore ( EVR ) is also doing its best to hold on to its new hires

after banks have been vocal about the increased costs of

retaining talent.

Robey Warshaw's partners will be given incentives to stay at

Evercore ( EVR ) with payments of stock and cash over six years,

according to regulatory filings.

The deal has also been set up with an initial payment of

Evercore ( EVR ) stock at closing and a second payment in stock or cash

at the one-year anniversary of the deal.

Charles Talbot, managing director at headhunting firm

Wyndham Partners, said there was an emerging trend in which

deals advisory firms were seeking increased time commitments

from their senior hires.

"We have worked on MD hires where clients are asking for a

five-year clawback on make-whole, sign-on and guarantee bonus

payments," he said.

($1 = 0.7560 pounds)