a r %&'() 2013€¦ · cash and securities $ 74.5 $ 78.2 $ 62.1 $ 50.3 $ 42.7 investments...
TRANSCRIPT
2013A!!"#$ R%&'()
Founded 1996
1
GREENHILLIS A UNIQUE INVESTMENT
BANKING FIRM
ADVISING CLIENTS IS OUR ONLY BUSINESS
• NO INVESTING, TRADING, LENDING OR UNDERWRITING
• NO PRODUCTS TO SELL / NO CONFLICTS
WE ADVISE ON A WIDE RANGE OF MATTERS
• M&A, FINANCING, RESTRUCTURING, CAPITAL RAISING
WE HAVE SUBSTANTIAL TEAMS IN ALL MAJOR MARKETS
• NORTH AMERICA, EUROPE, AUSTRALIA, JAPAN, BRAZIL
• MANAGING DIRECTORS AVERAGE ~25 YEARS OF EXPERIENCE
2
NEARLY $1 BILLION OF CASH RETURNED TO SHAREHOLDERS
LONG TERM STOCK MARKET OUTPERFORMANCE
$80
$160
$40
$ 0
$120
Div
iden
ds &
Rep
urch
ases
, in
$ m
illio
ns
2004 2005 2006 2007 2008 2009 2010 2011 20132012
Total Dividends and Share Repurchases Since IPO: $940.1m
500
300
400
200
100
0
S&P Investment Banking & Brokerage Index
S&P Banking: -4.3%
S&P 500 Index
S&P 500: +102.8%
Greenhill & Co.
Greenhill: +258.6%
5/04 2/079/05 6/08 11/09 3/11 8/12 12/13
Note: Includes reinvested dividends
3
COMPOUNDED ANNUAL REVENUE GROWTH OF 14% SINCE 1997
$200
$400
$100
$ 0
$300
Adv
isor
y R
even
ue, i
n $
mill
ions
1997 2001200019991998 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
MARKET SHARE DOUBLED SINCE 2005
Note: Global fee pool includes all advisory revenues from Bank of America, Barclays (assumed equal to Deutsche Bank post Lehman acquisition), Bear Stearns (pre-acquisition), Blackstone, Caliburn, Citigroup, Cowen & Co., Credit Suisse, Deutsche Bank, Evercore, Goldman Sachs, Greenhill, Jefferies, JP Morgan, Lazard, Lehman Brothers (pre-acquisition), Merrill Lynch (pre-acquisition), Morgan Stanley, Piper Jaffray, Stifel (including TWPG and KBW) and UBS
Source: Public Filings
$12
$24
$6
$ 0
$18
1.50%
3.0%
0.75%
0%
2.25%
2005 2006 2007 2008 2009 2010 201320122011
Greenhill Market ShareGlobal Fee Pool
Glo
bal F
ees,
in $
bill
ions
4
FINANCIAL HIGHLIGHTS
in $ millions, except per share amounts As of or for the Year Ended December 31,
and number of employees 2009 2010 2011 2012 2013
Advisory revenue $ 216.0 $ 252.2 $ 302.8 $ 291.5 $ 287.0 % change (1%) 17% 20% (4%) (2%)
Total revenue $ 298.6 $ 278.3 $ 294.0 $ 285.1 $ 287.2Pre-tax income $ 113.9 $ 59.0 $ 68.7 $ 70.5 $ 71.2 Pre-tax income margin 38% 21% 23% 25% 25%Net income $ 71.2 $ 34.5 $ 44.6 $ 42.1 $ 46.7
Earnings per share $ 2.39 $ 1.12 $ 1.44 $ 1.38 $ 1.55 % change 37% (53%) 29% (4%) 12%
Cash and securities $ 74.5 $ 78.2 $ 62.1 $ 50.3 $ 42.7Investments 150.3 160.9 112.8 51.1 11.7Total debt 37.2 67.0 28.1 29.1 30.8Stockholders’ equity 232.1 370.5 346.2 302.2 276.7 After-tax return on average equity 33% 11% 12% 13% 16%
Stock price $ 80.24 $ 81.68 $ 36.37 $ 51.99 $ 57.94 % change 15% 2% (55%) 43% 11%Total market capitalization $ 2,245 $ 2,397 $ 1,046 $ 1,429 $ 1,609Dividends declared per share $ 1.80 $ 1.80 $ 1.80 $ 1.80 $ 1.80
Employees 290 323 316 324 319Revenue per employee $ 1.1 $ 0.9 $ 0.9 $ 0.9 $ 0.9
KEY FACTS
• FOUNDED IN 1996
• 2004 IPO ON NYSE
• GLOBAL ADVISORY CAPABILITIES
• 13 OFFICES ON 5 CONTINENTS
• 70 MANAGING DIRECTORS
• 10 YEARS OF PROFITABLE GROWTH AS A PUBLIC COMPANY
5
LETTER TO OUR CLIENTS, STOCKHOLDERS AND COLLEAGUES
2013was another year of strong performance relative to our four primary objectives: increasing
our market share of advisory fees paid globally, achieving the highest profit margin among our peer group, continuing a strong dividend policy and maintaining a flat or declining share count. Our advisory revenue for the year was down less than 2% despite the number of global completed transactions declining by over 9%. Based on advisory revenue reported by our large bank competitors, it is clear that we again increased our market share of the global fee pool in 2013. By keeping non-compensation costs flat and maintaining a disciplined compensation ratio, we achieved a pre-tax profit margin of 25%. Furthermore, we not only continued our strong dividend policy but repurchased nearly 1.1 million shares during the year, returning a total of $112 million to shareholders while maintaining a balance sheet with no net debt. Importantly, we substantially completed our exit from our historic merchant banking business in 2013, selling the vast majority of our remaining investment assets and eliminating all future investment commitments. We were rewarded for our efforts with a 15% gain for our shareholders, including both share price appreciation and dividend payments. Since our IPO in 2004 we have outperformed the index of comparable companies by a 4 times margin.
OUR UNIQUE BUSINESS MODELIt is not an overstatement to call us unique among investment banks. First, advising clients is our only business. We have no products to sell and no inherent conflicts of interest. For our large bank competitors, client advisory work represents a small fraction of their business and even other so-called “independent” investment banks are active in investing, research, underwriting and other businesses that can create conflicts with clients. Second, we offer advice on a very wide range of matters. Mergers and acquisitions remains our largest area of activity, but each year we earn a meaningful share of our revenue from advising
on other issues, like financing, restructuring and capital raising, as well as from various projects for governments around the world. Many of our most interesting assignments of 2013 are described elsewhere in this report. Third, we have teams of senior bankers in the most important transaction markets across the globe. We expanded these capabilities in 2013 by entering the growing Brazilian market through the opening of an office in São Paulo and hiring two of the top bankers in that market to lead our effort. We believe strongly that one integrated global team is far more effective at advising clients on cross-border transactions than any set of alliances or joint ventures with other firms could ever be. Today we have 5 offices in the United States, 3 in Europe, 2 in Australia and 1 each in Brazil, Canada and Japan. Other offices in new markets will follow, as we continue to attract leading bankers around the world. Finally, we have continued to deepen our industry sector expertise, both through recruiting and through transaction experience.
FURTHER GROWTH POTENTIALWhether from a client or shareholder perspective, the most important question in considering Greenhill is whether we can continue to attract and retain the best people in our business on a global basis. There are many reasons why we are confident that will be the case. First, our people can take pride in their work. They are trusted advisors to their clients, as opposed to salesmen trying to sell multiple products. Second, ours is a very collegial culture, with everyone united by the common goal of winning and retaining clients by providing insightful advice and successfully executing transactions. Third, ours is a stable business. We have built a business with no regulatory threats and are contemplating no fundamental restructuring of our business model or our team, unlike the case at many of the large global banks. Finally, ours has been a growing business for 18 years, and it remains so today.
In closing, we are grateful to our clients, employees and stockholders for making 2013 another year of progress in building our Firm. We look forward to 2014.
Robert F. GreenhillFounder and Chairman
Scott L. BokChief Executive Officer
6
NORTH & SOUTH AMERICA
NEW YORK1996
SAN FRANCISCO2008
LOS ANGELES2009 HOUSTON
2009
SÃO PAULO2013
CHICAGO2008
TORONTO2006
Financial Services Transaction
acquisition of
$115 million
Infrastructure Restructuring
on its Chapter 11
restructuring
$830 million
Major Retail Transaction
Sale of
New Albertsons to
$3.3 billion
Landmark Healthcare Transaction
Sale to
$7.3 billion
Major Energy Transaction
on a Combination with
$7.0 billion
Restructuring Advisory
Advising the Retirement Systems of
the City of Detroit in Connection with Detroit’s Chapter 9
Proceedings
Major Industrial Transaction
Sale of Performance Coatings division to
The Carlyle Group
$4.9 billion
7
*Pending
Major Pharmaceutical Transaction
Acquisition of
$8.5 billion
Major Energy Transaction
Combination with Midstream Assets of
Devon Energy Corporation
$4.8 billion*
Landmark Real Estate Transaction
Joint Acquisition with
Equity Residential of
Archstone Enterprise
$16 billion
Cross-Border Financial Services Transaction
Acquisition of REDcard Credit Card
Assets from
$5.7 billion
Cross-Border Retail Transaction
sale of
to The Yucaipa Companies
Major Telecommunications Transaction
On the sale of its Connecticut
wireline operations to
$2 billion*
Major Energy Transaction
Acquisition of
$4.9 billion
8
EUROPE
Cross-Border Business Services Transaction
Merger with
Major Retail Transaction
Formation of a Joint Venture* with
Cross-Border Technology Transaction
Acquisition of
$2.6 billion
Major Cross-Border Media Transaction
Sale to
$5.0 billion
Cross-Border Consumer Transaction
Sale of
Lucozade and Ribena Brands
to Suntory
$2.1 billion
Landmark Financial Services Restructuring
ON ITS FINANCIAL
RESTRUCTURING
$2.5 billion
Financial Restructuring
on the comprehensive
restructuring of its balance sheet
9
STOCKHOLM2012
FRANKFURT2000
LONDON1998
Financing Advisory Transaction
on covenant reset and two year maturity extension
of its syndicated debt package
$313 million
Cross-Border Automotive Transaction
Acquisition of
$120 million
Cross-Border Chemicals Transaction
on the sale* of itsLeather Services
Business to
Stahl Holdings
Cross-Border Consumer Partnership
Strategic Alliance with
Yakult Honsha Co
Financing Advisory Transaction
Balance Sheet Refi nancing
Comprising senior and mezzanine
Syndicated Facilities
Cross-Border Energy Transaction
Recommended Merger with
San Leon Energy
$100 million
Cross-Border Chemicals Transaction
Clariant
on the sale of its Detergents & Interme-
diates Business to
International Chemical Investors
Group
$64 million
*Pending
10
ASIA-PACIFIC
Major Financial Services Transaction
sale of loan portfolio to
Goldman Sachs Group, Inc.
$893 million
Cross-Border Media Transaction
Sale of
to
IRI
Cross-Border Industrial Transaction
Forming an air conditioning
business joint venture (40:60)
with
Johnson Controls
Major Cross-Border Business Services Transaction
merger with
$1.2 billion
Digital Media Transaction
Sale of 30% holding in iSelect as a part of
the iSelect IPO
$107 million
Industrial Transaction
Sale of Jeminex Industrial
& Safety
for
AMP Capital
to Bunzl plc
Cross-Border Consumer Transaction
Acquired a 20% stake in
Megapolis Distribution
$850 million
11
TOKYO2008
SYDNEY2010
MELBOURNE2010
Media Transaction
Divestment of 11% Stake in
SKY Network Television
$180 million
Technology Transaction
Acquisition of
Sanyo DI Solutions
Automotive Components Transaction
Sale of
Futuris Automotive to
Clearlake Capital
$62 million
Entertainment Transaction
Agreement with New South Wales Government to
extend Exclusive Retail Wagering
License
$75 million
Cross-Border ConsumerTransaction
Sale of New Zealand fl our milling business,
Champion Flour
to
Nisshin Seifun Group
$43 million
Major Cross-Border Education Transaction
On the sale of a 70% stake to
Apollo Education Group, Inc.
$141 million
Cross-Border Media Transaction
Catalyst Investment Managers
Sale of
To
NEP Group Inc.
12
MERGERS & ACQUISITIONS
GLOBAL M&A ACTIVITY REMAINED RANGE-BOUND IN 2013, CONSISTENT WITH VOLUME LEVELS REACHED OVER THE LAST FIVE YEARS, AS EQUITY MARKETS RECOVERED BUT TRANSACTION LEVELS CONTINUED TO BE INFLUENCED BY MEMORIES OF THE RECENT FINANCIAL CRISIS AND A GENERAL LEVEL OF CONSERVATISM DELAYED AN ANTICIPATED RECOVERY. OVERALL, 2013 ANNOUNCED GLOBAL M&A ACTIVITY DECLINED 4%, WHILE COMPLETED GLOBAL M&A ACTIVITY DECLINED BY 3% FROM 2012. IMPROVING ECONOMIC GROWTH RETURNING TO KEY TRANSACTION MARKETS, CONSTRUCTIVE EQUITY MARKETS, CONSTRAINED VOLATILITY, STRONG CORPORATE BALANCE SHEETS AND ABUNDANT, LOW-COST FINANCING ALTERNATIVES SHOULD COMBINE FOR AN IMPROVING M&A ENVIRONMENT. HAVING FURTHER EXPANDED OUR GEOGRAPHIC REACH AND SECTOR EXPERTISE DURING 2013, GREENHILL IS POISED TO CONTINUE PURSUING ITS STRATEGIC OBJECTIVE OF PROVIDING UNCONFLICTED STRATEGIC AND M&A ADVICE TO CLIENTS WORLDWIDE.
$4,000
$3,000
$2,000
$1,000
$ 0
Dea
l Vol
ume,
in $
bill
ions
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
GLOBAL M&A VOLUME, 1993-2013
Source: Thomson Financial Note: Represents completed transaction volume
13
REPRESENTATIVE M&A TRANSACTIONS DURING 2013
TESCO Greenhill is acting as sole financial adviser to Tesco plc, one of the world’s largest retailers, on the creation of a joint venture with China Resources Enterprise Ltd. (“CRE”) in China. The joint venture will combine each party’s Chinese retail operations and brings together the individual strengths and advantages of Tesco and CRE, a compelling combination of international retail best practices and local customer insights.
In 2013, Greenhill also advised Tesco on the sale of a substantive part of its U.S. business, Fresh & Easy, and the acquisition of a significant minority shareholding in Lazada, the leading online general merchandise retailer in South East Asia.
INERGY
Greenhill advised Inergy, L.P., a leading diversified midstream energy company, and its affiliates on their merger with Crestwood Midstream Partners L.P. and affiliates. The combination was the culmination of Inergy’s strategic transformation into a pure-play midstream service provider with a total enterprise value of approximately $7 billion. The merger was considered at the time to be “undoubtedly the most complex transaction of the year” by the Financial Times.
ACTAVIS
Greenhill acted as financial advisor to Actavis, Inc., a leading integrated global specialty pharmaceutical company, on its $8.5 billion purchase of Warner Chilcott plc and subsequent redomiciling in Ireland. As a result of the acquisition, the combined company is now the third-largest U.S. specialty pharmaceutical company.
AT&T Greenhill is acting as financial adviser to AT&T, Inc., on the sale of its wireline operations in the State of Connecticut to Frontier Communications Corp. AT&T will receive $2 billion in cash under the terms of the transaction.
GLAXOSMITHKLINE
Greenhill acted as financial adviser to GlaxoSmithKline (“GSK”), the UK-listed international pharmaceutical and consumer company, on the sale of the Lucozade and Ribena brands to Suntory Beverage & Food Ltd (“SBF”). The iconic nutritional drink brands were sold for $2.1 billion and represented a strong fit for SBF. Structured as an asset deal which involved a complex carve out, it is Greenhill’s second completed mandate for GSK following the acquisition of Maxinutrition in 2010.
SINCLAIR KNIGHT MERZ Greenhill acted as financial adviser to Sinclair Knight Merz (“SKM”) on the $1.2 billion sale of the business to Jacobs Engineering Group Inc. SKM, an Australian unlisted public company wholly owned by its 660 employee shareholders, is a leading professional services firm, with global capabilities in strategic consulting, engineering and project delivery, employing over 6,500 people across more than 40 offices worldwide.
JAPAN TOBACCO Greenhill advised Japan Tobacco Inc. (“JT”), the world’s third largest tobacco company, on their $850 million acquisition of a 20% stake in Megapolis Distribution BV (“Megapolis”). Megapolis is Russia’s leading tobacco distributor and JT’s Russian distribution affiliate. The acquisition strengthens the long term relationship between the two companies and will allow Megapolis to enhance and modernize its distribution capabilities, while allowing JT to implement its growth strategy in the region more efficiently and effectively.
14
FINANCING ADVISORY & RESTRUCTURING
FINANCING ADVISORY CONTINUED TO BE AN ACTIVE AREA FOR GREENHILL IN 2013, AS CORPORATIONS AND OTHER STAKEHOLDERS SOUGHT UNCONFLICTED ADVICE ON THEIR MOST IMPORTANT FINANCING DECISIONS. GREENHILL IS WELL POSITIONED TO ADVISE CLIENTS ON COMPLEX AND OFTEN URGENT DEBT, EQUITY AND STRUCTURED FINANCING SOLUTIONS.
WHILE TRADITIONAL RESTRUCTURING ACTIVITY REMAINED SLOW GLOBALLY DURING 2013 DUE TO CENTRAL BANK ACTIONS, AND ACCOMMODATING CAPITAL MARKETS CONTINUED TO PROVIDE TEMPORARY REPRIEVES TO MOST OVER-LEVERAGED COMPANIES, GREENHILL WAS INVOLVED IN SOME OF THE LARGEST AND MOST COMPLEX TRANSACTIONS IN NORTH AMERICA AND EUROPE. WITH DIFFERENTIATED EXPERTISE AND GEOGRAPHIC REACH, GREENHILL REMAINS WELL POSITIONED TO ASSIST CLIENTS WORLDWIDE ON FINANCING ADVISORY AND RESTRUCTURING ASSIGNMENTS.
200
250
300
150
100
50
0
Def
ault
s
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
GLOBAL CORPORATE DEFAULTS, 1993-2013
Source: Standard & Poor’s
15
REPRESENTATIVE FINANCING ADVISORY & RESTRUCTURING TRANSACTIONS DURING 2013
RETIREMENT SYSTEMS OF THE CITY OF DETROIT
Greenhill is acting as the financial advisor to the Retirement Systems of the City of Detroit in connection with Detroit’s Chapter 9 bankruptcy, the largest municipal bankruptcy filing in U.S. history. The Systems provide benefits to more than 30,000 retired and active employees of the City of Detroit and are amongst the City’s largest creditors.
CO-OP BANK
Greenhill served as financial advisor to The Co-operative Bank Plc (the “Bank”), part of The Co-operative Group (the “Group”), the UK’s largest mutual organization, on its recent restructuring. This involved raising at least £1.5 billion of additional regulatory capital by December 31, 2013, in order to meet the requirements of the UK Prudential Regulation Authority.
The capital raise, as designed and negotiated by Greenhill with input from others, involved the exchange of 10 series of dated and perpetual subordinated bonds and preference shares issued by the Bank (with a face value of £1.3 billion and held by over 15,000 parties, including U.S. distressed funds, UK institutional investors and retail investors) for a combination of equity in the Bank, new notes issued by the Bank and new notes issued by the parent Group. The restructuring also involved a fresh equity injection of approximately £455 million, of which £330 million was committed by the Group and £125 million was raised via an open offer fully underwritten by a group of the Bank’s bondholders.
This landmark restructuring was one of the most high profile corporate transactions in the UK during 2013. It was also the first UK bank recapitalization to be implemented via a voluntary bail-in of junior debt holders, without using government funds.
AMERICAN ROADS
Greenhill acted as financial advisor to American Roads LLC on its restructuring. The transaction was implemented through a 40 day “pre-packaged” Chapter 11 filing and resulted in the elimination of $830 million of interest rate swap and bond obligations. American Roads operates five toll road facilities in Alabama and Detroit, Michigan.
PBGC—AMERICAN AIRLINES & HAWKER BEECHCRAFT
Greenhill acted as sole financial adviser to the Pension Benefit Guaranty Corporation (“PBGC”), a federal corporation created by the Employee Retirement Income Security Act of 1974, in connection with the Chapter 11 filing of AMR Corporation, the parent company of American Airlines, Inc. and American Eagle Airlines, Inc., as well as the Chapter 11 filing of Hawker Beechcraft, Inc.
SCHENCK PROCESS
Greenhill advised Schenck Process, a German-based global market-leader in bulk material handling equipment and solutions, on a refinancing, including the upsizing of its revolving and guarantee facilities. As a result of a competitive dual-track refinancing process devised and managed by Greenhill, Schenck Process successfully completed an amendment and extension of its !376 million senior and !91 million mezzanine syndicated facilities.
TODD CORPORATION
Greenhill advised Todd Corporation, a major New Zealand family office, on the on-market block trade of its 11% interest in SKY Television for $180 million. The sale followed a broad-reaching review by Greenhill of Todd’s strategic options, including not just alternative monetization processes but also detailed, market-specific execution strategies to maximize our client’s returns in a broker-dominated market.
RETIREMENT SYSTEMS OF THE
CITY OF DETROIT
16
PRIVATE CAPITAL AND REAL ESTATE CAPITAL ADVISORY
ACCOMMODATING EQUITY MARKETS AND A ROBUST IPO ENVIRONMENT LED TO SIGNIFICANT INVESTMENT EXIT OPPORTUNITIES FOR ALTERNATIVE ASSET MANAGERS AND RESULTED IN AN IMPROVED FUNDRAISING ENVIRONMENT IN 2013. GREENHILL’S FUND-RAISING ACTIVITIES FOR ITS CLIENTS LED TO SEVERAL SUCCESSFUL OUTCOMES AND DEMONSTRATED STRONG INVESTOR SUPPORT FOR COMPELLING INVESTMENT OPPORTUNITIES. THE FIRM’S DIALOGUE WITH INVESTING INSTITUTIONS AROUND THE WORLD SUGGESTS THE FUND-RAISING MARKET SHOULD IMPROVE FURTHER IN 2014. THE CAPITAL ADVISORY GROUP AT GREENHILL PROVIDES CLIENTS WITH COMPREHENSIVE GLOBAL MARKETING EFFORTS AND ACCESS TO A WELL- DIVERSIFIED, GLOBAL INSTITUTIONAL INVESTOR BASE. THE GROUP FOCUSES ON CAPITAL RAISING AND ALSO DELIVERS CONFLICT-FREE ADVICE TO THE GROWING MARKET FOR SECONDARY SALES OF FUND INVESTMENTS IN BOTH PRIVATE CAPITAL AND REAL ESTATE CAPITAL.
$600
$750
$450
$300
$150
$ 0
Com
mit
ted
Cap
ital
, in
$ bi
llion
s
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Note: Broadly includes Venture, Co-Investment, Fund-of-Funds, Infrastructure, Mezzanine, Real Estate, Secondaries, Turnaround, Buyout, Growth, Natural Resources, Special Situation, Timber, Venture Debt, Distressed Debt
Source: Prequin
GLOBAL ALTERNATIVE ASSET DOLLARS RAISED, 1993-2013
17
BALFOUR BEATTY INFRASTRUCTURE PARTNERS
Founded in 2011, Balfour Beatty Infrastructure Partners targets cash-yielding, infl ation-linked brownfi eld energy, transport and utilities investments in Western Europe and North America. The fund’s sponsor, Balfour Beatty, was established in 1909 and is a leading global infrastructure investor, developer, contractor and operations group. Balfour Beatty Infrastructure Partners will leverage Balfour Beatty’s global infrastructure network for its sector expertise and deal origination and to carry out value-enhancing operational improvements.
CERBERUS CAPITAL MANAGEMENT Cerberus Capital Management, L.P. founded in 1992, is one of the largest and most well-established investment management fi rms in the world. In October 2013, Cerberus closed its latest global opportunistic real estate fund, Cerberus Institutional Real Estate Partners III, L.P. with over $1.4 billion in capital commitments. The fund pursues distressed and undervalued real estate and real estate-related investments primarily located in the U.S. and Europe.
DIVCORE REAL ESTATE ASSET MANAGEMENT DivCore’s real estate equity platform, DivcoWest, was established in 1993 and has acquired more than 30 million square feet of commercial space located in growth-oriented markets across the United States. DivcoWest currently has over $3.0 billion of assets under manage-ment. DivCore’s real estate debt platform, LoanCore Capital, was established in 2008 and currently has over $1.5 billion of assets under management. In November 2013, DivCore Subordinate Debt Club closed with $325 million in capital commitments.
GF CAPITAL MANAGEMENT
Founded in 2001 as an advisor for and investor with many high-profi le families, GF Capital Management & Advisors, LLC now manages funds in the same business sectors in which these former advisory clients operate. GF Capital invests in middle-market companies in the branded consumer products and media industries. GF Capital targets companies with standout management teams and defensible market positions that operate in high-growth sectors in which GF Capital has a competitive advantage through its expertise and network of contacts.
ONE ROCK
Founded in 2011, One Rock Capital Partners targets control-oriented investments in lower-middle market companies primarily in the manufacturing and industrial service sectors in North America. One Rock’s unique affi liation with its strategic partner Mitsubishi Corp. provides access to a network of global resources for enhanced deal fl ow, cost-effective procurement of raw materials, and expanded access to customers and markets around the world. One Rock focuses on complex situations which often involve underperforming or misunderstood companies, and seeks to utilize its in-house, full-time Operating Partners to assist management in enhancing the value of the companies in which the fi rm invests.
TORQUEST
Founded in 2002, TorQuest Partners is a Canadian-based private equity manager with more than C$1 billion of equity capital under management. TorQuest Partners closed on C$535 million in capital commitments for TorQuest Partners Fund III, which targets middle-market private equity investment opportunities in Canada and the United States with the goal of building value through opportune acquisitions, strategic leadership and the timely use of fi nancial expertise.
REPRESENTATIVE CAPITAL ADVISORY TRANSACTIONS AND CLIENTS DURING 2013
R e a l E s t a t e A s s e t M a n a g e m e n t , L LC
18
INDUSTRY SECTORS
COMMUNICATIONS & MEDIA
• Advertising & Marketing Services• Business-to-Business (“B2B”) Media
• Consumer Media & Education• Professional Publishing & Information
Services
CONSUMER GOODS & RETAIL
• Durables & Discretionary• Food & Beverage
• Restaurants• Retailers
ENERGY & UTILITIES
• Electric & Gas Utilities• Exploration & Production
• Midstream Energy• Oilfi eld Services
FINANCIAL SERVICES • Asset Management
• Banking & Brokerage• Financial Technology
• Insurance
FOREST PRODUCTS
• Paperboard & Wood Products• Pulp & Paper
• Timber
GENERAL INDUSTRIALS
• Capital Goods• Chemicals
• Diversifi ed Industrials• Packaging
• Transportation
HEALTHCARE
• Healthcare Services• Life Science Tools
• Medical Devices & Services• Pharmaceuticals & Biotech
INFRASTRUCTURE
• Airports, Ports, Parking & Toll Roads• Water, Wastewater, Energy & Pipelines
METALS & MINING
• Metals & Materials• Mining Services
• Processing Equipment• Steel & Mining
REAL ESTATE, GAMING & LEISURE
• Casino Operators• Equipment Suppliers
• Lodging, Leisure & Timeshare• Real Estate Operating Companies
• REITs
TECHNOLOGY • Consulting and IT Services
• Enterprise Software & Security• Internet
• Networking• Semiconductors, Capital Equipment
& Materials
TELECOM
• Cable• Mobile Devices
• Wireless & Full Service Telcos
19
Robert F. GreenhillFounder and ChairmanMr. Greenhill founded Greenhill & Co. in 1996. He was previously Chairman and Chief Executive Offi cer of Smith Barney Inc. from 1993 to 1996. Prior to that,
he spent 30 years with Morgan Stanley Group Inc., where he was President, Vice Chairman and Head of Investment Banking; founded and directed Morgan Stanley’s M&A group; and oversaw the establishment of Morgan Stanley’s private equity group. Mr. Greenhill served as Chief Executive Offi cer of Greenhill from its founding until 2007 and remains Chairman.
Scott L. BokChief Executive Offi cerMr. Bok joined the Firm’s New York offi ce in 1997 and was named Chief Executive Offi cer in 2007, having served as Co-President since 2004. Before
joining Greenhill, Mr. Bok was a Managing Director in the M&A and restructuring department of Morgan Stanley in New York and London. Prior to his 10 years at Morgan Stanley, he practiced M&A and securities law in New York with Wachtell, Lipton, Rosen & Katz.
Harold J. Rodriguez, Jr.Chief Operating Offi cer Mr. Rodriguez joined the Firm’s New York offi ce in 2000 and is responsible for fi nancial, administrative and regulatory matters within Greenhill. He
previously spent 13 years with a major consumer packaging goods manufacturer, Silgan Holdings, where he was Vice President of Finance and Controller. He formerly worked with Ernst & Young.
Christopher T. GrubbChief Financial Offi cerMr. Grubb joined the Firm’s New York offi ce in 2006 and was named Chief Financial Offi cer in 2012. He focuses on M&A and restructuring advisory.
Prior to joining the Firm, he worked in the investment banking group of UBS.
MANAGING DIRECTORSFIRM MANAGEMENT
20
MANAGING DIRECTORS
James BabskiMr. Babski joined the Firm’s New York offi ce in 2001 and focuses on the fi nancial services industry.
Carl Bauer-SchlichtegrollCarl Bauer-Schlichtegroll joined the Firm’s London offi ce in 2013 and focuses on the fi nancial services industry. He was previously with Credit Suisse where he was Vice-Chairman and
Co-Head of the European Financial Institutions Group. Prior to that, he spent 8 years at JP Morgan, Co-Heading the European Financial Institutions Group, and 12 years at Goldman Sachs, where he started his career.
Birger BerendesMr. Berendes joined the Firm’s Frankfurt offi ce in 2001 before transferring to the New York offi ce in 2004 and focuses on advising clients in North America. He was previously with
a venture capital fi rm, and prior to that worked in the M&A groups of Merrill Lynch and Deutsche Bank.
Mats BrembergMr. Bremberg co-founded the Firm’s Stockholm offi ce in 2012. He previously served as Head of Nordic Investment Banking at Citigroup, as well as Group Head of Investment Banking at
Carnegie. Mr. Bremberg began his career at Morgan Stanley in the European Telecom Group.
Dave BrownCo-Head of Private Capital and Real Estate Capital AdvisoryMr. Brown joined the Firm’s New York offi ce in 2008 and was named Co-Head of the Capital Advisory group in 2012. He
previously worked in the Private Fund Marketing Group of Lehman Brothers and at New York Life Investment Management.
Lawrence S. Chu Mr. Chu joined the Firm’s New York offi ce in 2008 and focuses on the telecommunications and technology sectors. He was previously a Managing Director at Evercore Partners.
21
MANAGING DIRECTORS
Ashish K. ContractorMr. Contractor joined the Firm’s New York offi ce in 2005 and focuses on the pharmaceutical and healthcare sectors. He was previously with Lehman Brothers, where he worked in
both investment banking and private equity.
Kevin CostantinoCo-Head of Greenhill AustraliaMr. Costantino joined the Firm’s New York offi ce in 2005, and later worked in the Firm’s Chicago and Sydney offi ces. He was named Co-Head of Greenhill Australia in
2014. Mr. Costantino began his career practicing corpo-rate and securities law at Wachtell, Lipton, Rosen & Katz.
Michael CramerMr. Cramer joined the Firm’s Frankfurt offi ce in 2001 and focuses on the industrial sector. Prior to joining Greenhill, he worked in the Automotive and Industrial
M&A group at Merrill Lynch.
Bradley J. CromptonMr. Crompton founded the Firm’s Toronto offi ce in 2006 and focuses on advising Canadian clients. He was previously President of Morgan Stanley Canada
and also spent 10 years with Goldman Sachs in New York and London.
Stephen A. CruiseCo-Head of Industrial SectorMr. Cruise joined the Firm’s Chicago offi ce in 2013 and focuses on the industrial sector. He was previously Co-Head of
the Chicago Offi ce and Midwest Region for UBS, as well as a senior member of its Global Industrials Group. Prior to UBS, Mr. Cruise spent time at Credit Suisse First Boston and Lehman Brothers.
Gareth DaviesMr. Davies joined the Firm’s London offi ce in 2010 and focuses on fi nancing and restructuring advisory. He was previously with Close Brothers Corporate Finance, where he
was a Managing Director on the Restructuring team.
Patrick Dunleavy Co-Head of Private Capital and Real Estate Capital Advisory Mr. Dunleavy joined the Firm’s New York offi ce in 2008 and was named Co-Head of the Capital Advisory Group in
2012. He was previously a Managing Director in the respective Private Equity groups of Lehman Brothers, Lazard Frères and Salomon Smith Barney.
Anne Eastep Ms. Eastep rejoined the Firm’s New York offi ce in 2013, having previously worked at the Firm from 2002 to 2006. She has over 20 years of investment banking experience focusing on the
insurance sector, including most recently at Citigroup. Prior to that, she was a Managing Director in the Financial Institutions Group at Deutsche Bank.
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MANAGING DIRECTORS
Roger Feletto Co-Head of Greenhill AustraliaMr. Feletto joined the Firm’s Sydney offi ce (as part of the Greenhill Caliburn team) in 2000 and was named Co-Head of Greenhill Australia in 2013.
He focuses on the industrial and consumer sectors.
Luca D. FerrariCo-Head of European Corporate Advisory Mr. Ferrari joined the Firm’s London offi ce in 2012 and serves as Co-Head of European Corporate Advisory. He was
previously Head of M&A for Northern Europe at Goldman Sachs. Prior to that, Mr. Ferrari worked at S.G. Warburg and Arthur Andersen, where he qualifi ed as a Chartered Accountant.
James FlickerMr. Flicker joined the Firm’s New York offi ce in 2008 and focuses on the paper and forest products sectors. He was previ-ously with Citigroup, where he ran the Paper & Forest Products
group. Prior to that, he was at UBS and at Lehman Brothers, where he was an II-ranked Analyst in Paper & Forest Products.
Steven A. FriedmanMr. Friedman joined the Firm’s New York offi ce in 2009 and focuses on the insurance sector. He was previously at UBS, where he was Co-Head of Insurance for North America. Mr. Friedman
began his career as a lawyer with White & Case, practicing M&A and securities law.
Michael A. GiaquintoMr. Giaquinto joined the Firm’s New York offi ce in 2008 and focuses on the healthcare sector. He was previously with Citigroup, where he was Co-Head of the U.S. Healthcare
Group. Prior to Citigroup, he was a Managing Director in the healthcare group at UBS.
Charles Gournay Mr. Gournay joined the Firm’s London offi ce in 2009 and focuses on the consumer and retail sectors. He was previously with UBS and Merrill Lynch in London and Paris. Mr. Gournay
started his career with BNP in Paris.
Gil H. HaMr. Ha joined the Firm’s New York offi ce in 2008 and focuses on the telecommunications and technol-ogy sectors. He was previously a Managing Director at Evercore Partners and Rohatyn Associates.
Prior to that, he was Co-Head of Deutsche Bank’s Telecommunications Investment Banking group for the Americas and a Managing Director at Lazard Frères.
Rupert HillMr. Hill joined the Firm’s London offi ce in 2012 and focuses on the healthcare sector. He previously served as Head of Healthcare for EMEA and Asia-Pacifi c at Bank of America
Merrill Lynch. Prior to BAML, Mr. Hill spent time as a Chartered Accountant at Charterhouse and Price Waterhouse.
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MANAGING DIRECTORS
Aaron R. HooverMr. Hoover co-founded the Firm’s Houston offi ce in 2009 and focuses on the energy sector. He was previously a Managing Director in the Energy group at Merrill Lynch
and a Certifi ed Public Accountant at Arthur Andersen.
Kensuke HottaChairman, Greenhill JapanMr. Hotta founded the Firm’s Tokyo offi ce in 2008 and focuses on advising Japanese clients. He was previously Chairman of Morgan Stanley Japan. Prior to
that, he was at Sumitomo Bank, where he was Deputy President and a board Director, and at Japan’s Ministry of Finance.
Richard Hoyle Mr. Hoyle joined the Firm’s London offi ce in 2000 and focuses on advising European clients. He was previously in the European M&A group of Credit Suisse First Boston in
London and the Corporate & Investment Banking Division of BZW.
Douglas H. Jackson Mr. Jackson co-founded the Firm’s Chicago offi ce in 2008 and focuses on the industrial sector. He was previously in the M&A groups of Lehman Brothers and Banc of America.
Prior to that, he practiced corporate and securities law.
Richard C. Jacobsen, Jr.Mr. Jacobsen joined the Firm’s San Francisco offi ce in 2008 and focuses on the healthcare services sector. He was previously Head of the U.S. Healthcare Services Group at Citigroup.
Michelle JablkoCo-Head of Greenhill Australia Ms. Jablko joined the Firm’s Melbourne offi ce in March 2014 as Co-Head of Greenhill Australiaand is focused on fi nancial institutions, among other sectors.
She was previously a Managing Director at UBS, before which she practiced law with Allens Linklaters.
Anand Jagannathan Mr. Jagannathan joined the Firm’s London offi ce in 2009 and focuses on the energy and infrastructure sectors. He was previously a Managing Director and Global Head of Infrastructure
at Dresdner Kleinwort. Prior to that, he worked for BZW and Credit Suisse in Mumbai and London.
Christopher D. KirstenChairman of Private Capital AdvisoryMr. Kirsten joined the Firm’s New York offi ce in 2008 and is Chairman of the Private Capital Advisory group. He was
previously Global Head of Lehman Brothers’ Private Fund Marketing Group and a Director of Deutsche Bank’s Private Equity Finance Group.
24
MANAGING DIRECTORS
Ron MalekVice Chairman Mr. Malek co-founded the Firm’s Sydney offi ce in 1999 and was named Vice Chairman of the Firm in 2013. He was previously Australian head
of the consumer sector at BZW and ABN Amro.
Courtney McBeanMs. McBean joined the Firm’s San Francisco offi ce in 2010 and focuses on the technology sector. She was previously with Citigroup and began her career practicing M&A,
general corporate and securities law at Wilson Sonsini Goodrich & Rosati.
Simon McConnellMr. McConnell rejoined the Firm’s Melbourne offi ce in 2010 and focuses on the industrial sector. He was previously with Goldman Sachs after originally joining
Caliburn, now Greenhill Australia, in 1999.
Richard J. LiebHead of Real Estate SectorMr. Lieb joined the Firm’s New York offi ce in 2005 and focuses on the real estate sector. He previously spent more than 20 years with
Goldman Sachs, where he headed its real estate investment banking department.
James R.C. LuptonChairman, Greenhill EuropeMr. Lupton co-founded the Firm’s London offi ce in 1998 and focuses on advising European clients. He was previously Deputy Chairman at Baring Brothers International
Limited and a solicitor with Lovell, White & King.
Andrew L. Kramer Mr. Kramer joined the Firm’s New York offi ce in 2009 and focuses on fi nancing and restructuring advisory. He was previously Head of Restructuring for the Americas at UBS and a
Senior Vice President at Credit Suisse.
25
MANAGING DIRECTORS
Rodrigo MelloMr. Mello joined the Firm’s São Paulo offi ce in 2014 and focuses on fi nancial institutions and the consumer and retail sectors, among others. He was previously a Managing
Director at Goldman Sachs.
Eric MendelsohnMr. Mendelsohn joined the Firm’s New York offi ce in 2012 and focuses on fi nancing and restructuring advisory. He was previously a Managing Director and founding member of the
Restructuring Group at Lazard Frères.
Philip Meyer-HornMr. Meyer-Horn joined the Firm’s Frankfurt offi ce in 2006 and focuses on advising European clients. He was previously Head of Corporate Finance for Germany at BNP
Paribas. Prior to that, he spent time with Lazard Fréres and Baring Brothers International Limited.
Gregory R. MillerMr. Miller joined the Firm’s New York offi ce in 2004 and focuses on the media sectors, including publishers and information services. He was previously a Managing
Director at Credit Suisse.
Christopher D. Mize Head of Energy SectorMr. Mize co-founded the Firm’s Houston offi ce in 2009 and focuses on the energy and power sectors. He was previously Co-Head of the Energy & Power
Group at Merrill Lynch.
Seamus Moorhead Mr. Moorhead joined the Firm’s London offi ce in 2009 and focuses on the consumer and retail sectors. He was previously with UBS and its predecessor fi rms in London and New York,
having joined SG Warburg & Co in 1991.
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MANAGING DIRECTORS
Simon D. MordantVice ChairmanMr. Mordant co-founded the Firm’s Sydney offi ce in 1999 and was named Vice Chairman of the Firm in 2013. He was previously Co-Head of
Corporate Finance at BZW and ABN Amro.
Anthony ParsonsMr. Parsons joined the Firm’s London offi ce in 2012. He previously served as Head of UK M&A at Deutsche Bank. Prior to that, Mr. Parsons served as Co-Head of European
FIG M&A at Citigroup.
Lee PurcellMr. Purcell joined the Firm’s New York offi ce in 2010 and is a Managing Director in the Real Estate Capital Advisory group. He previously served as a Director in the Credit Suisse
Real Estate Private Fund Group. Prior to that, Mr. Purcell worked in Deutsche Bank’s Real Estate Group and was an Associate at The Carlyle Group.
Manjul RamchandaniMr. Ramchandani joined the Firm’s New York offi ce in 2010 in the Real Estate Capital Advisory group. He previously served as a Director in the Credit Suisse
Real Estate Private Fund Group.
Gregory G. RandolphMr. Randolph joined the Firm’s New York offi ce in 2004 and focuses on the energy and power sectors. He was previously a Managing Director at Goldman Sachs and a member of the
project fi nance group at Salomon Brothers.
Bradley A. RobinsHead of North American Financing & Restructuring AdvisoryMr. Robins joined the Firm’s New York offi ce in 2001 and focuses on fi nancing and restructuring advisory. He was
previously with Houlihan Lokey Howard & Zukin and with Wachtell, Lipton, Rosen & Katz.
Simon D. MordantVice ChairmanMr. Mordant co-founded the Firm’s Sydney offi ce in 1999 and was named Vice Chairman of the Firm in 2013. He was previously Co-Head of
Corporate Finance at BZW and ABN Amro.
Anthony ParsonsMr. Parsons joined the Firm’s London offi ce in 2012. He previously served as Head of UK M&A at Deutsche Bank. Prior to that, Mr. Parsons served as Co-Head of European
FIG M&A at Citigroup.
Lee PurcellMr. Purcell joined the Firm’s New York offi ce in 2010 and is a Managing Director in the Real Estate Capital Advisory group. He previously served as a Director in the Credit Suisse
Real Estate Private Fund Group. Prior to that, Mr. Purcell worked in Deutsche Bank’s Real Estate Group and was an Associate at The Carlyle Group.
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MANAGING DIRECTORS
Christopher E. RoehmCo-Head of Industrial SectorMr. Roehm co-founded the Firm’s Chicago offi ce in 2008 and focuses on the industrial sector. He was previously a Managing Director at Lehman
Brothers and worked at JP Morgan in Chicago.
Anthony Samengo-TurnerMr. Samengo-Turner joined the Firm’s Frankfurt offi ce in 2006 and focuses on the healthcare and chemical sectors. He previously worked at Close Brothers and Dresdner Kleinwort
Wasserstein with a focus on restructuring.
Dhiren H. Shah Head of Communications, Media and Telecom SectorsMr. Shah joined the Firm’s New York offi ce in 2006 and is Head of Communications, Media and Technology Corporate
Advisory. He previously led Morgan Stanley’s global technology banking group.
Robert C. SmithMr. Smith joined the Firm’s New York offi ce in 2006 and focuses on the fi nancial services sector. He was previously with Citigroup, where he served in several senior positions, including most
recently as Co-Head of Financial Institutions Mergers and Acquisitions.
Gavin SolotarMr. Solotar joined the Firm’s New York offi ce in 2012. He was previously a Corporate Partner at Wachtell, Lipton, Rosen & Katz, focusing on M&A, corporate governance and
securities law matters. Mr. Solotar also spent time as a Certifi ed Public Accountant with Ernst & Young.
Jacob SpensMr. Spens joined the Firm’s London offi ce in 2007 and co-founded the Firm’s Stockholm offi ce in 2012. He was previously Head of M&A and Corporate Finance at the Relacom Group.
Prior to Relacom, he worked for Enskilda Securities in Stockholm in partnership with The Blackstone Group in New York.
28
MANAGING DIRECTORS
Hugh A.C. TidburyMr. Tidbury joined the Firm’s London offi ce in 2004 and focuses on the chemicals, biotech and food ingredients sectors. He was previously Head of Deutsche Bank’s
European Chemicals group.
Jason ValmadreMr. Valmadre joined the Firm’s Sydney offi ce in 2013 and focuses on equity fi nancing advisory. Prior to joining Greenhill, he spent 13 years at RBS as Head of Equity Capital
Markets and prior to that, was with Bankers Trust.
Daniel WainsteinHead of Greenhill BrazilMr. Wainstein founded the Firm’s São Paulo offi ce in 2013. Prior to joining Greenhill, he was a Managing Director at Goldman Sachs, where he acted
in many capacities, including Head and Chairman of the Investment Banking Division of Goldman Sachs in Brazil, as a member of the Latin America and Brazil Executive Committees and as a statutory director at GS Brazil bank.
Richard M. SteinmanMr. Steinman joined the Firm’s New York offi ce in 2007 and focuses on the retail sector. He was previously Head of the Global Retail investment banking group at Morgan Stanley.
James C. Stewart Mr. Stewart founded the Firm’s Los Angeles offi ce in 2009 and focuses on the gaming, lodging and leisure sectors. He was previously at UBS, where he was responsible for the Real
Estate group and the Los Angeles offi ce.
Bill Thompson Chairman of Real Estate Capital AdvisoryMr. Thompson joined the Firm’s San Francisco offi ce in 2010 and leads the Real Estate Capital Advisory group. He was
previously a founding member and Head of the Credit Suisse Real Estate Private Fund Group.
29
MANAGING DIRECTORS
Jeffrey Wasserstein Mr. Wasserstein joined the Firm’s New York offi ce in 2012. He previously spent over 20 years in the pharmaceutical industry, including roles at Fougera Pharmaceuticals,
Dr. Reddy’s Laboratories and Schering-Plough Corporation. Prior to that, Mr. Wasserstein practiced M&A and securities law at Wachtell, Lipton, Rosen & Katz.
Kirk R. Wilson Mr. Wilson joined the Firm’s New York offi ce in 2009 and focuses on the fi nancial institutions sector. He was previously at Morgan Stanley, where he served as Vice
Chairman of the Investment Banking Division and a senior member of the Financial Institutions Group.
Peter Wilson Mr. Wilson joined the Firm’s Sydney offi ce in 2004. He was previously with Malleson Stephen Jaques where he practiced corporate and banking law and prior to that
was with the Commonwealth Bank and JP Morgan.
Andrew K. WoeberMr. Woeber founded the Firm’s San Francisco offi ce in 2008 and focuses on advising North American clients. He was previously a Managing Director at Morgan Stanley and a
corporate lawyer with Cravath, Swaine & Moore.
Pamela Wright Ms. Wright joined the Firm’s San Francisco offi ce in 2010 and is a Managing Director in the Real Estate Capital Advisory group. She was previously a founding member and Co-Head
of the Credit Suisse Real Estate Private Fund Group.
David A. WylesCo-Head of European Corporate AdvisoryMr. Wyles joined the Firm’s London offi ce in 1998 and focuses on advising European clients. He was previously with Baring
Brothers International Limited, Coopers & Lybrand’s management consultancy division and the weapon and communications systems arm of the British Royal Navy.
Hiroto YamadaMr. Yamada joined the Firm’s Tokyo offi ce in 2009 and focuses on advising Japanese clients. He was previously Head of the M&A group at Merrill Lynch Japan. Prior to that, he worked in the Financial
Institutions, TMT and M&A groups of Goldman Sachs.
30
SENIOR ADVISORS
Lord (James) Blyth of RowingtonLord Blyth is based in London and has been a Senior Advisor to Greenhill since 2000. He serves as a Director of Anixter Inc. He retired as Chairman
of Diageo plc in 2008. He formerly worked at The Boots Co., where he served initially as Chief Executive and later as Chairman. He has held several senior positions including Head of Defense Sales at the United Kingdom Ministry of Defense and Chief Executive of The Plessey Company plc.
Fredrik Elwing Mr. Elwing is based in London and was previously a Managing Director with Greenhill focused on Real Estate Capital Advisory. Prior to Greenhill he was
a Managing Director and Co-Head of the Credit Suisse Real Estate Private Fund Group.
John P. Frazee, Jr.Mr. Frazee is based in Florida and has been a Senior Advisor to Greenhill since 2007. He is the retired President/COO and Director of Sprint Corporation and the retired Chairman
and CEO of Centel Corporation, which merged with Sprint in 1993. He spent more than 35 years in the telecommunications industry, starting his career with the Bell system in 1966 before joining Centel in 1972.
Vikram GandhiMr. Gandhi joined Greenhill as a Senior Advisor for India in 2012. He was most recently the Global Head, Financial Institutions Group and Vice Chairman, Investment Banking
Department at Credit Suisse based in New York and Hong Kong. He also spent 16 years at Morgan Stanley in various roles globally, including President and Country Head, Morgan Stanley India. Mr. Gandhi currently serves as senior advisor to CPP (Canada Pension Plan) Investment Board, focusing on investment opportunities in India. He recently founded VSG Capital Advisors, which will provide cross-border and domestic investment and advisory services in the private, public and social sectors in India and Asia.
31
MANAGING DIRECTORSSENIOR ADVISORS
Samuel Ginn Mr. Ginn is based in San Francisco and has been a Senior Advisor to Greenhill since 2009. He is the retired Chairman of Vodafone, the largest telecommunications
company in the world. Starting in 1993, he was Chairman and CEO of Airtouch Communications, which was spun off from Pacifi c Telesis Group. He held the position of President and Chief Operating Offi cer before becoming Chairman and CEO of Pacifi c Telesis. He spent over 40 years in the telecommunications industry. Mr. Ginn has served on the Board of Directors of Chevron, Hewlett Packard and Safeway. Mr. Ginn currently serves on the Board of Directors for Franklin Templeton Group, Auburn University and the Stanford Hoover Institution.
Peter J. HuntChairman, Greenhill AustraliaMr. Hunt co-founded Greenhill Australia in Sydney in 1999 and focuses on advising Australian clients. He was previously Co-Head of Corporate Finance
at BZW and ABN Amro.
Leiv NergaardMr. Nergaard is based in Norway and has been a Senior Advisor to Greenhill since 2006. He is a partner at the advisory fi rm Norscan Partners AS. He served as EVP and CFO of Norsk
Hydro ASA for the period 1991-2002 and was most recently Senior Adviser to Norsk Hydro Corporate Management. He now serves as the chairman of the boards of some start-up companies in the nano-particles and the environmental fi elds. Previously, he served on a number of boards, including Chairman of Storebrand ASA for nine years and member of the Board of Directors of Yara International ASA for eight years.
Hartmut OstrowskiMr. Ostrowski joined Greenhill as a Senior Advisor in 2012. He previously served as Chief Executive Offi cer of Bertelsmann AG, a role he held for 4 years. In total, he
spent 26 years at Bertelsmann in various roles including CEO of Arvato between 2002 and 2008. Earlier in his career, he served as a Managing Director at a German subsidiary of Security Pacifi c.
32
SENIOR ADVISORS
John Paynter Mr. Paynter is based in London and has been a Senior Advisor to Greenhill since 2009. He spent 29 years with Cazenove, later JP Morgan Cazenove, where he retired as Vice
Chairman in 2008. He is a non executive director of Standard Chartered plc, a non executive director (and Senior Independent Director) of Standard Life plc and is Chairman of Standard Life Investments Holdings Limited.
William D. Perez Mr. Perez is based in Chicago and has been a Senior Advisor to Greenhill since 2010. He retired as President and Chief Executive Offi cer for the Wm. Wrigley Jr. Company
in December of 2008. Before joining the Wrigley Company, he served as President and Chief Executive Offi cer of Nike, Inc. Previously, Mr. Perez spent 34 years with SC Johnson, including eight years as President and Chief Executive Offi cer. He serves on the Board of Directors for Johnson & Johnson, Whirlpool Corporation, Northwestern Memorial Hospital, and on the Board of Trustees for Cornell University.
Jean-Michel Steg Mr. Steg joined the fi rm as a Senior Advisor in 2013, to assist in the expansion of the Firm’s client relationships with large European companies, in particular, French corporations.
Jean-Michel started his career at Lazard where he spent 16 years both in New York and Paris. Subse-quently he worked for Goldman Sachs and ran the Paris offi ces for DLJ and Citi. Most recently he started Blackstone’s advisory business in France. In total Jean-Michel has close to 35 years of experience advising clients.
Peter StottMr. Stott is based in London and was previously a Managing Director with Greenhill focused on advising UK clients. Prior to Greenhill, he was Co-Head of UK Investment Banking at Morgan
Stanley. Prior to Morgan Stanley, Mr. Stott worked for The First Boston Corporation and for McKinsey & Co.
Glenn R. TillesMr. Tilles is based in Chicago and focuses on the industrial sector. He was previously a Managing Director with Greenhill and co-founded the Firm’s Chicago offi ce in 2008.
Prior to Greenhill, he was a Managing Director at Lehman Brothers, where he headed the Chicago offi ce and the Midwest investment banking practice.
Klaus WübbenhorstMr. Wübbenhorst joined Greenhill as a Senior Advisor in 2012. He is the former Chief Executive Offi cer of GfK SE, a leading global market research company based in Germany.
He spent 20 years at GfK, fi rst as Chief Financial Offi cer, then rising to CEO in 1998, a position he held until the end of 2011. In 2005, Mr. Wübbenhorst was awarded the title of Honorary Professor by the University of Erlangen- Nürnberg.
33
PRINCIPALSNew YorkJulie Betts Jeff PaigeStephanie ShidelerNate StulmanMichael Taylor
LondonFiona Balch Pieter-Jan Bouten Edward RoweAlex Usher-Smith
SydneySally BoxChris Collett Jennifer Horrigan Richard MarquesBryan Pearson Sylvia Wiggins
TokyoYoshihiko Kikuchi Yuji Shimada
TorontoDavid GoldbergThomas Lo
ChicagoZaid Abdul-Aleem Larry Gelwix
HoustonMichael Marziani
Los AngelesAndy Chien
MelbourneNick Bordignon
Hong KongSimon Lam
FINANCE, LEGAL AND ADMINISTRATIONTom DunnDirector of Information Technology
Beverly DunphyVice President and Compliance Offi cer
Robert KnoxPrincipal and Director of Tax
Mark LaskyPrincipal and Corporate Controller
Ricardo LimaPrincipal and Deputy General Counsel
Jodie SeddonLegal and Compliance Counsel
John ShafferChief Technology Offi cer
OTHER KEY PERSONNEL
VICE PRESIDENTSNew YorkMark BoucherRyan KitchenYan LingMolly MuchmoreAshu Rathore LondonTimo Lieber Damir MesicAngelo SaccaPeter SchuemersMarcus Taylor
FrankfurtAndreas BienertAndreas Müller
SydneyJohn NgChris SmithAndrew StaceAnusha PrasherSaurabh Thaper TokyoKohei Arai
ChicagoMichael CoffeyAndrew Deye
MelbourneMichael Lord
34
Robert T. Blakely IIIMr. Blakely currently serves as the President of Performance Enhancement Group. He previously served in senior management positions at Fannie Mae, MCI, Lyondell
Chemical and Tenneco. Mr. Blakely is a member of the Board of Directors of Westlake Chemical Corporation, Natural Resource Partners L.P. and Ally Financial Inc.
Honorable John C. DanforthMr. Danforth is currently a partner in the law fi rm of Bryan Cave, LLP. In 2004, he served as Ambassador to the United Nations. Mr. Danforth previously served as a United
States Senator from 1976 to 1995 and served on key committees in the Senate, including the Committee on Finance.
INDEPENDENT DIRECTORS
Steven F. GoldstoneMr. Goldstone currently manages Silver Spring Group, a private investment group, and is also the non-executive Chairman of ConAgra Foods. His prior positions include
Chairman and Chief Executive Offi cer of RJR Nabisco, Inc., and partner in the New York City law fi rm of Davis Polk & Wardwell.
Stephen L. KeyMr. Key is currently the sole proprietor of Key Consulting, LLC and Chair of the Audit Committee of the Board of Fairway. He was previously Chief Financial Offi cer of
Textron, Inc., Chief Financial Offi cer of ConAgra, Inc., and Managing Partner of Ernst & Young’s New York offi ce.
Karen RobardsMs. Robards is currently a partner of Robards & Company, LLC, a fi nancial advisory fi rm. She is also Vice Chair of the Board and Chair of the Audit Committee of
BlackRock Closed-End Funds and a member of the Board of Directors of AtriCure, Inc. She previously worked in the investment banking group at Morgan Stanley.
MANAGING DIRECTORSDIRECTORS AND OFFICERS
BOARD OF DIRECTORS
Robert F. GreenhillChairman and Founder, Greenhill & Co., Inc.
Robert T. Blakely III Chairman, Nominating and Governance CommitteeMember, Audit CommitteeMember, Compensation Committee
Scott L. Bok Chief Executive Offi cer, Greenhill & Co., Inc.
Honorable John C. DanforthMember, Audit Committee
Steven F. GoldstoneChairman, Compensation CommitteeMember, Nominating and Governance Committee
Stephen L. KeyChairman, Audit CommitteeMember, Compensation CommitteeMember, Nominating and Governance Committee
Karen RobardsMember, Audit CommitteeMember, Nominating and Governance Committee
EXECUTIVE OFFICERS
Scott L. BokChief Executive Offi cer
Christopher T. Grubb Chief Financial Offi cer
Harold J. Rodriguez, Jr.Chief Operating Offi cer
Gavin Solotar General Counsel
Committees
Our Board of Directors currently has six members: Robert F. Greenhill, Scott L. Bok, Steven F. Goldstone, Stephen L. Key, Karen Robards, and Robert T. Blakely III. Ms. Robards, Messrs. Goldstone, Key, and Blakely have been affi rmatively determined to be “independent” within the meaning of the listing standards of the New York Stock Exchange. The Board of Directors conducts its business through meetings of the Board and the following standing committees: Audit, Compensation, and Nominating and Governance. Each of the standing committees has adopted and operates under a written charter, all of which are available on our website at www.greenhill.com. Our certifi cate of incorporation, bylaws, corporate governance guidelines, related person transaction policy and code of business conduct and ethics are also available on our website.
35
CORPORATE INFORMATION
Greenhill & Co., LLC300 Park AvenueNew York, NY 10022United States of AmericaTel: +1 212 389 1500
155 North Wacker DriveSuite 4550Chicago, IL 60606United States of AmericaTel: +1 312 846 5000
1301 McKinney StreetSuite 2000Houston, TX 77010United States of AmericaTel: +1 713 739 2000
10250 Constellation Blvd.Suite 1620Los Angeles, CA 90067United States of AmericaTel: +1 310 432 4400
600 Montgomery Street33rd FloorSan Francisco, CA 94111United States of AmericaTel: +1 415 216 4100
Annual MeetingWednesday, April 23, 2014at 11:00 AM ET at the Waldorf-Astoria 301 Park AvenueNew York, NY 10022
Stock ListingThe New York Stock ExchangeSymbol: GHL
Registrar and Transfer AgentAmerican Stock Transfer& Trust Company59 Maiden LaneNew York, NY 10036Tel: +1 866 668 6550
Greenhill & Co. International LLPLansdowne House57 Berkeley SquareLondon W1J 6ERUnited KingdomTel: +44 20 7198 7400
Greenhill & Co. Europe LLP MaintowerNeue Mainzerstrasse 5260311 Frankfurt am MainGermanyTel: +49 69 272 272 00
Greenhill & Co. Sweden AB Gustav Adolfs torg 16SE-111 52 StockholmSwedenTel: +46 8 402 13 70
Greenhill & Co. Japan Ltd.Marunouchi Building2-4-1, MarunouchiChiyoda-ku, Tokyo 100-6333JapanTel: +81 3 4520 5100
Investor RelationsChristopher T. GrubbChief Financial OfficerGreenhill & Co.300 Park AvenueNew York, NY 10022Tel: +1 212 389 1800
Independent RegisteredPublic Accounting FirmErnst & Young LLP5 Times SquareNew York, NY 10036Tel: +1 212 773 3000
Greenhill & Co. Canada Ltd.79 Wellington Street WestSuite 3403, P.O. Box 333Toronto, Ontario M5K 1K7CanadaTel: +1 416 601 2560
Greenhill & Co. Australia Pty. Ltd.Level 34, The Chifley Tower2 Chifley SquareSydney NSW 2000AustraliaTel: +61 2 9229 1410
Level 30101 Collins StreetMelbourne VIC 3000AustraliaTel: +61 3 9935 6800
Greenhill & Co. do Brasil Assessoria Ltda.Av. Brigadeiro Faria Lima, 227720th floor - cj 200101452-000 São Paulo, SPT: +55 11 3576 1550
A copy of our Form 10-K filed with the Securities and Exchange Commission will be furnished, without charge, to any stockholder upon request addressed to Investor Relations, Greenhill & Co., 300 Park Avenue, New York, NY 10022. Copies of our filings with the Securities and Exchange Commission and other informa-tion about Greenhill & Co. can also be viewed on our website at www.greenhill.com or at the web-site of the Securities and Exchange Commission at www.sec.gov.
36
Our business involves no research, trading or capital markets activities to conflict with our advisory focus. We seek in all cases to align our interests fully with those of our clients. Greenhill & Co., LLC is registered in the U.S. as a broker-dealer with the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) and is a member of the Securities Investor Protection Corporation (SIPC). In the U.K. and Europe, Greenhill & Co. International LLP and Greenhill & Co. Europe LLP are regulated by the U.K. Financial Conduct Authority (FCA) and Greenhill & Co. Sweden AB is regulated by the Swedish Financial Supervisory Authority. Greenhill & Co. Australia Pty. Ltd. is licensed and regulated by the Australian Securities and Investment Commission (ASIC). Greenhill & Co. Japan Ltd. is licensed with the Kanto Local Finance Bureau and is regulated by the Financial Services Agency in Japan. Greenhill & Co. Asia Limited is licensed and regulated by the Hong Kong Securities and Futures Commission.
The DuPont Oval Logo is a trademark of DuPont or its affiliates.
This document does not constitute or represent an offer to buy or sell any security or to participate in any trading strategy. Des
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