Evercore Inc., formerly known as Evercore Partners, is a global independent investment banking advisory firm founded in 1995 by Roger Altman, David Offensend, and Austin Beutner. The firm has advised on over $4.7 trillion of merger, acquisition, and restructuring transactions since its founding.
Evercore advises on mergers and acquisitions, divestitures, restructurings, financings, public offerings, private placements and other strategic transactions and provides institutional investors with macro and fundamental equity research, sales and trading execution. It offers wealth management, institutional asset management and private equity investing.
Evercore is headquartered in New York City and has 28 offices in 11 countries across North America, Europe, South America and Asia, with approximately 1,950 employees.
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History
Founding and establishment
Evercore Partners was founded by Roger Altman in 1995, on the basis that clients would be best served by an investment banking firm free of the conflicts of interest of large financial institutions like Goldman Sachs and Merrill Lynch
Altman began his career in investment banking at Lehman Brothers, serving as general partner until 1977. After a role as assistant secretary of the U.S. Treasury until 1981, Altman returned to Lehman as co-head of global investment banking.
In 1987, Altman joined The Blackstone Group as its head of advisory business before returning to the U.S. Treasury to serve as deputy secretary in 1993.
In 1995, Altman founded Evercore Partners.
Recent activities
In 2009, Evercore advised Wyeth in the largest deal of the year. In 2010 the firm advised Genzyme in the largest healthcare deal of the year.
In August 2011, the firm completed its acquisition of Lexicon Partners, an independent UK-based investment banking advisory firm.
In October 2011, Evercore and Kotak Mahindra Capital Company Limited ("Kotak Investment Banking") (a subsidiary of Kotak Mahindra Bank Limited), announced that the two firms had entered into an exclusive strategic alliance for cross-border M&A advisory services between India and the United States, the United Kingdom, and Mexico.
In November 2011, the firm announced that it had agreed to purchase a 5% non-controlling interest in ABS Investment Management, an institutionally focused equity long/short hedge fund of funds manager.
In 2012, Evercore advised Kraft in the largest Consumer/Retail deal of the year, as well as TNK-BP in the largest Energy deal of the year.
In 2023, Evercore advised Dell in the largest technology deal of the year.
In April 2014, former Evercore banker Perkins Hixon pleaded guilty to insider trading in the securities of Evercore, Westway Group Inc. and Titanium Metals Corporation from 2010 to 2013. He resigned from the company earlier in 2014.
In August 2014, Evercore announced the acquisition of International Strategy & Investment ("ISI") Group for $440 million. The deal was closed the following October to create Evercore ISI Institutional Equities, offering Macro and Fundamental Research, Sales, and Trading execution. In 2014, the firm secured the second highest number of Institutional Investor #1 positions, after J.P. Morgan, and also ranked No. 5 in total II positions. The same year, Evercore advised AstraZeneca in its defense against Pfizer's hostile takeover.