11 disclosed acquisitions across advisory and investment management
11 disclosed acquisitions across advisory and investment management — from sub-$10M tuck-ins to the GBP 146M / $196M Robey Warshaw deal.
Active acquisition years
2006 · 2010 · 2011 · 2014 · 2025
2010-2011 was the build-out peak (six deals).
Primary sectors
Independent advisory and investment management
UK/European advisory (Braveheart, Lexicon, Robey Warshaw), equities research (Evercore ISI), and asset/wealth management (Atalanta Sosnoff, ABS, G5, Protego).
Verified10 deals on this page · sourced from SEC filings
All cross-references covered.
Timeline
10 deals.
Plotted by close date where disclosed, otherwise announcement. Click any marker to jump to the deal entry.
The playbook
The rationale that repeats.
Three patterns show up across Evercore's deal book — what the team buys, how it pays, and how it integrates. The patterns are the throughline; the individual deals below are the evidence.
01
Acquisition criteria
Buy talent, not just revenue.
Evercore's acquisitions are repeatedly structured around senior bankers and analysts joining as Senior Managing Directors, with consideration heavily weighted to retention. On ISI, almost 70% of the share-equivalent consideration was dependent on the combined business's financial performance over the five years following closing; on Robey Warshaw, GBP 62.7M of the at-closing shares is repayable if sellers fail to provide service over a four-year period. The pattern shows that Evercore treats acquired professionals as the asset and pays for them to stay.
Protego Asesores (Protego)Private Funds Group of Neuberger Berman (PFG)MJC AssociatesAtalanta Sosnoff CapitalMorse, Williams and Company
02
Capital deployment
A European advisory build-out spanning two decades.
From Braveheart in 2006 (London) through The Lexicon Partnership in 2011 and Robey Warshaw in 2025, Evercore has serially acquired UK advisory boutiques to scale its European M&A franchise. Roger Altman framed the long-term goal at the Braveheart close as achieving in Europe "the same market leading position" Evercore built in the United States, and the 2025 Robey Warshaw deal was positioned to enhance Evercore's standing in the UK, the largest M&A advisory market in Europe.
Protego Asesores (Protego)Private Funds Group of Neuberger Berman (PFG)MJC AssociatesAtalanta Sosnoff CapitalMorse, Williams and Company
03
Integration approach
Two engines: scaling advisory while assembling an investment-management portfoli...
Two engines: scaling advisory while assembling an investment-management portfolio. Alongside advisory tuck-ins, Evercore's 2010-2011 deals built an Investment Management segment through minority and majority stakes in asset and wealth managers — Atalanta Sosnoff (49% economic interest), ABS (45% non-controlling interest), G5 in Brazil (50%), Morse Williams, and Protego in Mexico. Several were structured as equity-method investments with protective rights retained by founders, letting Evercore add managed assets without full operational control.
Protego Asesores (Protego)Private Funds Group of Neuberger Berman (PFG)MJC AssociatesAtalanta Sosnoff CapitalMorse, Williams and Company
Deal book · 10 acquisitions
The full deal book.
10 acquisitions. Click any row to see the deal value, financing structure, target revenue, executive commentary, and the original SEC filing — the evidence behind the patterns above.
Mexico City- and Monterrey-based advisory and asset management firm founded by Pedro Aspe. Evercore LP acquired Protego and its subsidiaries (including a 70% interest in Protego Casa de Bolsa, the Mexican asset management subsidiary) and Protego SI as part of the corporate reorganization completed immediately prior to Evercore's August 2006 IPO. $7.0 million aggregate principal amount of non-interest-bearing notes plus Evercore LP partnership units.
Why it was attractive
01Established Latin American advisory and asset-management platform led by former Mexican finance minister Pedro Aspe
02extending Evercore beyond the U.S
Capabilities acquired
Mexican M&A and restructuring advisorysovereign and corporate financial advisoryfixed-income asset management
On August 10, 2006 we combined with Protego Asesores S. de R.L. ('Protego') in Mexico, with offices in Mexico City and Monterrey.
Evercore FY2006 10-KBusiness description
Private funds placement business acquired from Neuberger Berman. The transaction added private-fund advisory and placement mandates and client relationships to Evercore's Investment Banking segment. Initial consideration of approximately $1.0 million plus revenue-based contingent (earn-out) consideration.
Why it was attractive
01Added private-fund placement mandates and limited-partner client relationships to the Investment Banking segment
Capabilities acquired
Private fund placementfund-raising advisorylimited-partner client relationships
In February 2010, the Company acquired assets of PFG for initial consideration of $1,000 and contingent consideration based on future revenues earned. The transaction resulted in goodwill of $990 and intangible assets relating to Acquired Mandates and Client Relationships.
Evercore FY2011 10-KAcquisitions note (dollars in thousands)
Commercial real estate advisory boutique. The terms included $2.0 million cash payable at closing, $1.0 million cash on each of the three anniversary dates of closing, and $3.0 million of restricted stock contingently issuable based on minimum future revenues. $2.0 million cash at closing, $1.0 million cash on each of three closing anniversaries, plus $3.0 million of contingently issuable restricted stock.
Why it was attractive
01Added commercial real estate advisory capability and client relationships to the Investment Banking segment
Capabilities acquired
Commercial real estate advisoryreal estate corporate finance
In April 2010, the Company entered into an agreement to acquire MJC Associates, a commercial real estate advisory boutique. The terms of the acquisition include $2,000 of cash payable at the closing, $1,000 of cash payable on each of the three anniversary dates of the closing and $3,000 of restricted stock, which is contingently issuable based on minimum future revenues.
Evercore FY2011 10-KAcquisitions note (dollars in thousands)
New York-based investment manager focused on managing large-cap U.S. equity and balanced accounts for institutional, high-net-worth and broker-advised clients. Evercore purchased an interest representing a 49% economic interest; senior management of Atalanta Sosnoff retained the remaining 51% economic interest. $68.6 million cash for a 49% economic interest (cash paid of approximately $68,992 thousand at close).
Why it was attractive
01Stable
02recurring institutional and high-net-worth client relationships in large-cap U.S. equity management
Capabilities acquired
Large-cap U.S. equity and balanced account managementinstitutional and high-net-worth asset management
On March 4, 2010, Evercore Partners Inc. entered into a definitive Purchase and Sale agreement with Atalanta Sosnoff Capital, LLC, a New York based investment manager ('ASC') ... to purchase an interest in ASC representing, as of the closing date, 49% of the economic interests for a cash purchase price of approximately $68.6 million, subject to adjustment.
Evercore Partners 8-KItem 1.01 (March 5, 2010)
In May 2010, the Company purchased an interest in Atalanta Sosnoff Capital LLC, representing a 49% economic interest, for a cash purchase price of $68,992. Atalanta Sosnoff was purchased to expand the Company's asset management capabilities.
Evercore FY2011 10-KAcquisitions note (dollars in thousands)
Registered investment advisor providing separate management services for tax-exempt institutions and taxable clients. Acquired through Evercore Wealth Management (EWM). Share-based initial consideration of approximately $1.35 million plus contingent consideration based on future investment fees.
Why it was attractive
01Added registered-investment-advisor client relationships to Evercore Wealth Management
Capabilities acquired
Separately managed accountswealth management for tax-exempt institutions and taxable clients
In May 2010, the Company, through Evercore Wealth Management ('EWM'), acquired Morse Williams and Company, Inc., a registered investment advisor that provides separate management services for tax-exempt institutions and taxable clients. The terms of the acquisition included share-based initial consideration of $1,350 and contingent consideration based on future investment fees earned.
Evercore FY2011 10-KAcquisitions note (dollars in thousands)
Sao Paulo-based independent investment banking boutique and investment management firm whose partners advised on some of the largest and most complex transactions involving Brazilian companies over the prior two decades. Evercore acquired a 50% interest, accounted for as an equity-method investment. $20 million in cash and Evercore securities at closing ($10,867 thousand cash and $10,319 thousand in restricted Class A shares), plus performance-based earn-outs through 2013.
Why it was attractive
01Top Brazilian advisory franchise with two decades of experience on the largest Brazilian transactions
02extending Evercore's Latin American footprint
Capabilities acquired
Brazilian M&A advisoryinvestment banking and investment management
Under the terms of the purchase agreement, Evercore will pay $20 million in cash and Evercore securities at closing, with the potential for earn out payments based on performance through 2013. ... Following the closing, the partners of G5 advisors will own the remaining 50% of the company. Evercore will have an opportunity to acquire the remaining 50% beginning in 2014.
In October 2010, the Company acquired a 50% interest in G5. The terms of the investment includes initial consideration of $10,319 in restricted shares of Evercore Class A common stock and $10,867 in cash plus contingent consideration based on multiples of G5's net income over the years 2010 through 2014.
Evercore FY2011 10-KAcquisitions note (dollars in thousands)
U.K.-incorporated limited liability partnership advisory firm. Evercore acquired all of the outstanding partnership interests. Lexicon was purchased to expand the Company's advisory capabilities and was fully integrated into Evercore's existing operations during the fourth quarter of 2011. Approximately GBP 86 million purchase price (announced); total fair value of purchase price of $62,070 thousand at close, comprising cash and Class A shares.
Why it was attractive
01Scaled London advisory team to deepen Evercore's European M&A coverage
Capabilities acquired
European M&A and corporate advisory
On June 7, 2011, Evercore Partners Inc. entered into a definitive sale and purchase agreement to acquire all of the outstanding partnership interests in The Lexicon Partnership LLP, a U.K. incorporated limited liability partnership ('Lexicon'), for a purchase price of approximately GBP 86 million.
Evercore Partners 8-KItem 1.01 (June 9, 2011)
On August 19, 2011, the Company completed its acquisition of all of the outstanding partnership interests of Lexicon ... In the aggregate, the sellers will receive approximately GBP 46,142, or $76,167, in cash and 1,911 shares of the Company's Class A common stock.
Evercore FY2011 10-KAcquisitions note (dollars in thousands)
Connecticut-based, institutionally focused equity long/short hedge fund-of-funds manager. Evercore acquired a 45% non-controlling interest; the remaining 55% is owned by ABS's founders and employees. Accounted for as an equity-method investment. Cash purchase price of $45,104 thousand for a 45% non-controlling interest, subject to post-closing adjustments.
On November 11, 2011, Evercore LP, a majority owned subsidiary of Evercore Partners Inc., entered into a definitive Purchase and Sale agreement with ABS Investment Management, LLC, a Connecticut based institutionally focused equity long/short hedge fund-of-funds manager.
On December 29, 2011, the Company completed its acquisition of a 45% non-controlling interest in ABS ... for a cash purchase price of $45,104, subject to certain adjustments after the closing. ... Accordingly, this transaction is accounted for as an equity method investment.
Evercore FY2011 10-KAcquisitions note (dollars in thousands)
Elite independent, institutionally oriented investment research firm founded in 1991, providing macroeconomic, policy and fundamental equity research. At announcement ISI had 28 research analysts covering 345 companies in 10 major industry sectors and 226 employees across seven principal U.S. offices plus a London office. Evercore also acquired the approximately 40% interest in its Institutional Equities business it did not already own. The combined business operates as Evercore ISI. Up to approximately 8 million Evercore share equivalents across the two transactions, with almost 70% of the consideration dependent on the combined business's financial performance over the five years following closing.
Why it was attractive
01ISI's 28 analysts were among the most highly regarded in the industry
02with 32% ranked #1 or #2 by Institutional Investor
03covering ~60% of the combined market cap of the S&P 500 and serving more than 1
04500 institutional investors globally
Capabilities acquired
Macroeconomic and policy researchfundamental equity researchequity sales and agency trading
These transactions bring together two teams of exceptional professionals delivering highly regarded research and corporate and policy maker access, which, when combined with our exceptional advisory business, brings us closer to our goal of creating the most elite independent investment banking advisory firm in the world.
Ralph SchlossteinPresident and Chief Executive Officer, Evercore
We greatly look forward to joining the Evercore team.
Ed HymanFounder and Chairman, ISI
Highly successful independent advisory firm headquartered in the United Kingdom, founded in 2013, with a reputation as a trusted advisor to prominent multinational companies in Europe. Five Senior Managing Directors joined Evercore from the acquisition. GBP 146 million / USD 196 million payable in two tranches, plus potential performance-based additional consideration over a multi-year period.
Why it was attractive
01Deep
02long-standing relationships with leading European multinationals and a strong UK advisory franchise in Europe's largest M&A market
Capabilities acquired
UK and European M&A advisorylarge-cap multinational client coverage
Robey Warshaw brings extraordinary, long-standing relationships with some of the world's leading multinational companies. Their addition to Evercore strengthens our global platform and creates exciting opportunities to expand the value we deliver to clients around the world.
John S. WeinbergChairman and Chief Executive Officer, Evercore
Since its inception in 1995, Evercore has expanded its team and its capabilities every year. This approach has enabled us to become the third largest investment banking advisory firm in the world, as ranked by revenue. Now, we are taking another big step forward by combining with Robey Warshaw.
Roger C. AltmanFounder and Senior Chairman, Evercore
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