Sorrell returns to banking with Moelis (Financial News)
Former Goldman Sachs banker Robert Sorrell has returned to the investment banking fold in a senior financial sponsors advisory role at Moelis & Co (NYSE:MC), a few months after shutting the hedge fund manager that he left Goldman Sachs to start in 2009. Sorrell, one of three sons of WPP chief executive Sir Martin Sorrell, worked at Goldman Sachs along with his brothers Mark and Jonathan, but left in late 2009 and set up Sorrell Capital the following year to manage a global opportunities fund with a long/short discretionary, global macro strategy.
Robert K. Steel Joins Perella Weinberg Partners as Chief Executive Officer (MarketWatch)
Perella Weinberg Partners, a global, independent advisory and asset management firm, today announced that Robert K. Steel has joined the Firm and will become Chief Executive Officer, effective July 7, 2014. Joseph Perella will continue in an active role as Chairman, while co-founders Terry Meguid and Peter Weinberg will remain in their roles as Co-Head of Asset Management and Head of Advisory, respectively.
The Pros and Cons Of Hillshire Brands’ Pinnacle Deal (Forbes)
Hillshire Brands Co (NYSE:HSH) recently announced plans to acquire Pinnacle Foods Inc (NYSE:PF) for $4.3 billion in a cash and stock transaction. Pinnacle Foods manufactures, markets, and distributes frozen vegetables, seafood, pizza, and bagels. It also sells cake mixes, salad dressings, table syrup, and pastry fruit fillings. The company generates annual sales revenue of around $2.5 billion. Pinnacle estimates that more than 85% of American households buy at least one of its products. The company also flaunts holding one of the top 2 brands in 10 out of the 13 product categories it operates in. However, many Hillshire Brands investors including Eminence Capital LLC, one of the meat company’s 20 largest shareholders, have questioned the deal.
Hedge Fund To Buy Quant Shop Numeric, Man Tipped (FINalternatives)
After a decade, private-equity firm TA Associates is cashing out of hedge fund Numeric Investors. More than a year after an auction for the minority stake in Boston-based Numeric produced no acceptable bids, TA has struck a deal with a large overseas hedge fund, Hedge Fund Alert reports. The unidentified buyer—HFA notes that speculation has centered on Man Group—is actually taking a majority stake in the firm, indicating that founder Lang Wheeler and Numeric’s other partners are selling some of their stake, as well.
Kloeckner Pentaplast Owners Said to Start $2 Billion Sale (Bloomberg)
Kloeckner Pentaplast’s owners have started the sale of the German plastic-packaging producer in a deal that may fetch more than 1.5 billion euros ($2 billion), according to people with knowledge of the matter. The group of lenders led by hedge fund Strategic Value Partners has mandated Goldman Sachs Group Inc (NYSE:GS) and Jefferies Group LLC to prepare a sale, said the people, who asked not to be identified because talks are private. Information will go out to potential buyers in the next few weeks, and a sale could be completed this year, they said.
