Ernst & Young Launches Investment Banking Division
Ernst & Young Corporate Finance will advise on transactions in the $50 million to $1 billion range, emphasizing services in the areas of mergers and acquisitions, divestitures, spin-offs, joint ventures, leveraged recapitalizations, and debt and equity refinancing.
Six industry groups will be targeted, including technology; communication and entertainment; automotive and industrial products; consumer industries; health sciences; financial services; and energy, chemicals, and utilities.
Referring to the fact that the corporate finance group will limit its focus to mid-sized transactions and stay clear of competing for the multi-billion dollar transactions, Peter Griffith, president and chief executive of the new E&Y unit said , "We think that market has been abandoned. There is a lot of room in that mid-sized transaction area for good, solid platforms focusing on great execution and industries."