Saying Goodbye To BSMB

It’s been seven months since Bear Stearns went broke, but Bear Stearns Merchant Banking has doggedly stuck to its moniker. Well, it actually asked everyone to call it BSMB (and even put out a press release reaffirming its independence), but we all knew what the BS stood for.

Now, however, it seems that even BSMB has outlived its acronymic usefulness. Come Saturday, the firm will be renamed Irving Place Capital Partners, reflective of its new home at 277 Park Avenue. It’s not a terribly creative name, but at least accentuates the firm’s independence. Plus, Irving Place can’t really go broke, so there won’t be a future need to rebrand as IPCP…

The mid-market buyout firm is currently investing out of a $2.7 billion vehicle raised in 2006, which included a $486 million commitment from Bear Stearns. As of last check, JP Morgan was still planning to honor that commitment