Greenhill & Co., Inc. completed the acquisition of Cogent Partners, LP from New Capital Partners Private Equity Fund L.P., fund of New Capital Partners, Apogee LLC, Singer Bros. LLC, Lodestar Capital, LP, Lakeside Capital and other shareholder.
For the year ended December 31, 2014, Cogent Partners, LP reported revenues of $46.39 million, operating income of $18.21 million, net income of $17.87 million, total assets of $37.52 million and shareholders equity of $18.43 million. On completion, the combined firm's advisory activities for institutional investors in relation to the secondary market for alternative assets will operate under the name Greenhill Cogent. All eight of Cogent's Managing Directors will become Greenhill Managing Directors, and 38 employees in total (including the Managing Directors) will join Greenhill at closing. Cogent's Managing Directors joining Greenhill are Chris Bonfield, Bernhard Engelien, Brenlen Jinkens, Todd Miller, Brian Mooney, Bill Murphy, Stephen Sloan and Dominik Woessner. The transaction is subject to receipt by Greenhill of applicable regulatory approvals, FCA approval, FINRA approval, consummation of financial audit, execution of non competition agreement, minimum cash of $5 million and working capital of at least $5 million and other customary conditions, and is expected to close around the end of the first quarter. The transaction is expected to be substantial revenue and earnings accretion from the start. The transaction received an early termination of antitrust waiting period on March 24, 2015.
William L. Taylor, James E. Elworth, R. Danny Brimhall, Jeffrey P. Crandall, Gillian Emmett Moldowan, Jessie M. Ferguson, Kathleen L. Ferrell, Kay Ng of Davis Polk & Wardwell LLP acted as legal advisor for Cogent Partners, LP. Marie Gibson, Sally Thurston, Matthew Zisk, Clifford Aronson, Ronald D. Kohut, Dohyun Kim and Young Park of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor for Greenhill. Hein & Associates LLP acted as accountant to Greenhill. Keefe, Bruyette & Woods acted as financial advisor to Cogent Partners, LP.
Greenhill & Co., Inc. (NYSE:GHL) completed the acquisition of Cogent Partners, LP from New Capital Partners Private Equity Fund L.P., fund of New Capital Partners, Apogee LLC, Singer Bros. LLC, Lodestar Capital, LP, Lakeside Capital and other shareholder on April 1, 2015.