Evercore Partners’ co-founder, president and co-chief executive officer, Austin Beutner, will retire from the firm effective 1 May 2008. The 47-year old Beutner had been on medical leave from the boutique merger advisory and mid-market private equity firm since December, due to injuries sustained in a bicycle accident and a series of resulting medical procedures, the firm said.
“I expect to make a full recovery,” Beutner said in a statement. “But, the process will take more time. For the near term, I want to dedicate myself to that and to my family.”
Evercore would be nowhere near where it is today without the contributions he made.
Roger Altman, fellow co-founder, co-CEO and chairman, will become sole CEO of the publicly traded Evercore.
“It is with nostalgia and wistfulness that I accept Austin’s decision,” Altman said. “We had a very effective and complementary partnership together. Evercore would be nowhere near where it is today without the contributions he made.”
Beutner and Altman, both Blackstone Group alumni, founded Evercore in 1996.
Before founding Evercore, Beutner led the $440 million US Russia Investment Fund, a private investment vehicle backed by the US government, before which he’d been at Blackstone, where he joined in 1988 and became its youngest partner in 1989. Prior to that, he helped establish the merchant banking group in 1986 at Smith Barney, which he joined in 1982.
Altman became a Lehman Brothers GP in 1974. He left Lehman for four years starting in 1977 to act as assistant secretary of the US Treasury, and later became Lehman’s co-head of investment banking, a management committee and board member. In 1987, he joined Blackstone as vice chairman, investment committee member, head of its M&A advisory business and was responsible for Blackstone’s international business. From 1993 to 1995 he was the US Treasury’s deputy secretary.
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.