Amid CIT’s bankruptcy scares and Carl Icahn drama, not much focus has been placed on the fate of Edgeview Partners, the mid-market boutique consultancy CIT acquired in mid-2007.
While Edgeview continues to do business, its founding partners Drew Quartapella and Matt Salisbury left in February. More recently, partner Bill Morrissett also departed.
According to the Charlotte Observer, Quartapella and Salisbury offered to buy the firm back, but CIT was unresponsive. The three men are subject to a non-compete period that was set when Edgeview originally sold to CIT. According two sources familiar with the firm, the non-compete expires in the middle of next year.
Meanwhile Edgeview’s remaining employees are waiting anxiously for the dust to settle around CIT. M&A advisory business has been slow in a credit crunch, and bringing in new deals with an unstable parent company doesn’t help.