Global Leveraged Capital Launches Advisory Arm
The bicoastal investment and merchant banker will see its newest addition staffed by UBS veterans.
May 27, 2009
Global Leveraged Capital has formed an advisory arm, GLC Advisors & Co., to deliver advice to debtors, creditors and stakeholders in distressed companies.
GLC Advisors will be based on the expertise of a stable of UBS veterans, looking to capitalize on what the head of the unit said is an expected 14% default rate among non-investment grade entities by the end of the calendar year. The advisory practice’s parent invests in distressed middle market companies across a number of industries.
Thomas Benninger, formerly head of UBS’ restructuring and the co-founder and managing general partner of Global Leveraged Capital, will chair the new advisory practice.
Jeffrey Gelles, formerly a managing director and restructuring and leveraged finance shop for tech, media and telecom at UBS, will be another managing partner at GLC Advisors and J. Soren Reynertson, GLC Advisors managing partner, will join in June, after having served within UBS’ restructuring and leveraged finance shop.
GLC's move mirrors a play by which several Citigroup veterans banded together earlier this year to establish North Sea Advisors, another leveraged finance advisory firm.
Altogether, eight professionals, all UBS veterans, will join the aforementioned managing partners for the launch of GLC’s advisory shop. BNP Paribas veterans have also been influential in the 2005 formation of Global Leveraged Capital, as well as professionals with experience at: AlixPartners, Credit Suisse First Boston, Deloitte & Touche, Donaldson, Lufkin & Jenrette, Morgan Stanley, PriceWaterhouseCoopers, Salomon Brothers, Smith Barney and UBS.
Global Leveraged Capital has $700 million under management and has offices in New York and San Francisco. The bank did not comment at press time.
For more information on related topics, visit the following:
