Big Five firm Ernst & Young has launched a new corporate finance division, called Ernst & Young Corporate Finance LLC. Staffed by more than 200 bankers, the division is spread over 14 offices nationwide with headquarters in New York.

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."