The former head of Bear Stearns’ financial restructuring practice, Daniel Celentano, has joined the boutique merger advisory and mid-market private equity firm, Evercore, as senior managing director of its restructuring advisory practice.
Celentano joins restructuring group co-heads William Repko and David Ying as the credit crisis increases demand for the group’s services.
At Bear Stearns Celentano advised distressed companies, their shareholders and acquirers as well as facilitated restructurings both out of court and during Chapter 11 bankruptcy cases. Clients have included General Motors, Time Warner Cable and Anderson Worldwide.
Evercore is currently expanding its advisory services and is focussed on building its restructuring practice.
The firm’s co-founder, president and co-chief executive officer, Austin Beutner, retired from the firm on 1 May. The 47-year old Beutner had been on medical leave since a 2007 bicycle accident.
Based in New York and with offices in Los Angeles, San Francisco, London and Mexico, Evercore consists of an advisory business, as well as an institutional investor asset management business and Evercore Capital Partners, a mid-market focussed private equity group.
The firm raised $83 million in its initial public offering in August 2006, with nearly four million shares sold at $21 per share.