PJT Partners Inc has agreed to acquire San Francisco-based CamberView Partners, an adviser, for about $165 million. The deal is expected to close early in the fourth quarter of this year.
NEW YORK–(BUSINESS WIRE)–PJT Partners Inc. (the “Company” or “PJT Partners”) (NYSE: PJT) announced today that it entered into an agreement to acquire CamberView Partners Holdings, LLC (“CamberView”), a leading advisory firm providing independent advice to assist public company boards of directors and management teams in building strong and successful relationships with investors. CamberView has extensive experience advising clients in all aspects of corporate governance and shareholder activism, including contested situations. The CamberView team has an unparalleled depth of institutional client insight, bringing many years of leadership experience from some of the largest index, actively managed and pension funds as well as governance advisory firms.
CamberView was founded in 2012 with headquarters in San Francisco and offices in New York and London, and serves clients globally with a team of more than 40 professionals. The firm has advised more than 180 public companies across a broad range of industries, including nearly half of the Fortune 100.
Paul J. Taubman, Chairman and Chief Executive Officer of PJT Partners, said, “We are pleased to welcome the CamberView team into PJT Partners. CamberView’s deep experience and expertise in shareholder and governance matters significantly expands our ability to serve clients. CamberView shares a commitment to integrity, collaboration and best-in-class client service, which is at the heart of our firm.”
Under the terms of the acquisition agreement, the Company will acquire 100% ownership of CamberView in exchange for total consideration of approximately $165 million, comprised of approximately $100 million of equity in a combination of Class A common stock and partnership units and $65 million of cash, subject to net working capital and other adjustments as set forth in the agreement.
Abe M. Friedman, Chief Executive Officer and a founder of CamberView, said, “We are excited to become a part of PJT Partners, which will enable us to provide our clients access to a fuller suite of advisory capabilities. PJT Partners shares an intense focus on providing the highest integrity client service and our mutual commitment to an entrepreneurial culture of collaboration will ensure a smooth transition and enhance our service to clients.”
Ignacio Jayanti, Managing Partner of Corsair Capital LP, CamberView’s largest investor, said, “This transaction provides CamberView’s world class team access to increased resources, expertise and scale to expand its service offering to clients and accelerate long-term growth. This combination brings together two businesses with proven track records of successfully advising blue chip companies globally. Corsair is looking forward to becoming a shareholder in PJT Partners.”
The transaction is subject to receipt by PJT Partners of applicable regulatory approvals and other customary conditions, and is expected to close early in the fourth quarter of 2018.
About PJT Partners
PJT Partners is a global advisory-focused investment bank. Our team of senior professionals delivers a wide array of strategic advisory, restructuring and special situations and private fund advisory and placement services to corporations, financial sponsors, institutional investors and governments around the world. We offer a unique portfolio of advisory services designed to help our clients achieve their strategic objectives. We also provide, through Park Hill Group, private fund advisory and placement services for alternative investment managers, including private equity funds, real estate funds and hedge funds. To learn more about PJT Partners, please visit the Company’s website at www.pjtpartners.com.
CamberView is the leading provider of investor-led advice to public companies on engagement and shareholder relations, activism and contested situations, sustainability and complex corporate governance matters. CamberView helps its clients succeed by providing unique insight into investors’ perspectives on long-term value creation, interpreting the evolving governance landscape and creating proactive strategies to stay ahead of investor challenges.