Why Evercore bought Robey Warshaw – the boutique bank that signed George Osborne
With the announcement that Robey Warshaw has been bought for £146m by Evercore, the potent boutique dealmaker is set to morph into a UK foothold for the New York-based advisory firm.
Evercore boss John S. Weinberg praised Robey Warshaw’s “extraordinary, long-standing relationships”, forged by its five partners – led by Simon Robey and Simon Warshaw.
Its founder Roger Altman was particularly full of praise for Robey, saying “I don’t think I’ve ever worked with a more talented, more able banker”.
The firm was set up in 2013 with a third Simon – Sir Simon Robertson, the former president of Goldman Sachs Europe – who exited amicably a year later and Robertson Robey rebranded to Robey Warshaw.
Partners have cultivated strong relationships, advising major deals from Comcast’s takeover of Sky to London Stock Exchange Group’s acquisition of data provider Refinitiv.
The firm rose to national prominence after hiring former Chancellor George Osborne – fresh from a stint editing the London Evening Standard – as its first non-founding partner in 2021.
Succession questions settled
Famously lean, Robey Warshaw has risen to be one of the most high profile firms in the City and punched well above its weight in terms of deals done.
Surfing the wave of an industry-wide pivot in favour of boutique advisory firms in the wake of post-2008 lending regulations, the firm has won M&A deals that otherwise would likely have gone to global investment banks.
Simon Robey, known in the Square Mile as the “trillion-dollar man”, took home a massive £40.5m pay packet in the 2023/24 financial year, according to Companies House. The other partners split a still-hefty £30m pay pot.
But its tight management structure – three of the five partners were among the original co-founders – meant that a future beyond the original Simons looked murky.
George Osborne has made a substantial chunk of money from his involvement in the company, but maintains a high public profile as a commentator and hosts multiple podcasts a week with his former Labour opposite number Ed Balls.
What’s in it for Evercore?
Through this deal, Evercore gets access to key relationships and contacts in a booming time for M&A volumes in the UK.
Earlier in July, CityAM reported that UK equities are considered “cheap and undervalued”, with public M&A activity almost tripling in the first half of 2024.
June 2024 alone saw 12 deals – with three in one 24 hour period, including major UK names Alphawave and Oxford Ionics.
No word yet on whether the firm is planning to launch a podcast.