Guggenheim Securities, the investment banking and capital markets division of Guggenheim Partners, announced that it has entered into a definitive agreement to acquire Millstein & Co., an advisor to companies, investors, and sovereigns with expertise in restructuring, sovereign advisory, and financial institutions. The combination of Millstein’s advisory team with Guggenheim’s restructuring group creates one of the leading restructuring and liability management practices.
Founder and CEO of Millstein & Co. Jim Millstein will join Guggenheim as Co-Chairman of Guggenheim Securities alongside Alan Schwartz, Executive Chairman of Guggenheim Partners and Co-Chairman of Guggenheim Securities. Ronen Bojmel will lead the combined Guggenheim restructuring team.
Prior to founding Millstein & Co., Millstein served as Chief Restructuring Officer at the U.S. Department of the Treasury from 2009 through 2011, overseeing the department’s investment in and oversight of the financial sector following the 2008 financial crisis. From July 2000 to April 2009, Millstein served as Managing Director and Global Co-Head of Corporate Restructuring at Lazard. Before beginning his investment banking career at Lazard, Millstein was a Partner and Head of the Corporate Restructuring practice at Cleary Gottlieb Steen & Hamilton.
“I am excited to partner with Jim at Guggenheim,” Schwartz said. “Jim brings an extensive history of senior leadership, a deep understanding of markets, and an unparalleled reputation as an innovative thought partner with his clients. Jim and his team of highly talented bankers share our approach to advising clients and values core to our firm. We look forward to welcoming Jim and team to Guggenheim.”
Co-CEO of Guggenheim Securities Mark Van Lith added: “With the addition of Jim’s team to Guggenheim, we are excited to build on the significant success of our restructuring and liability management practice and to further Guggenheim’s reputation as a premier restructuring brand.”
“Alan and his partners have built a first-class independent investment bank, and I look forward to helping them continue to grow its business through the combination of our respective restructuring and liability management businesses,” Millstein said. “In a world awash in debt, the need for creative solutions to help businesses, governments and investors avoid or mitigate the adverse impacts of financial distress is as great today as ever and the combination with Guggenheim will give us access to a deep bench of talented investment bankers to better serve the needs of our clients.”
The transaction is expected to close in the third quarter subject to regulatory approvals.