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PJ Solomon re-brands as Solomon Partners

·1 min read

By Jessica DiNapoli

NEW YORK, Sept 27 (Reuters) - Financial advisory firm PJ Solomon is changing its name to Solomon Partners, as it grows and broadens its client base beyond the retail industry, the firm told Reuters on Monday.

"The next phase of transition has arrived," CEO Marc Cooper said in an interview with Reuters. "It's ambitious. The flywheel is rolling."

The firm plans to double the number of bankers it employs over the next three years, Cooper said. It now has 115 bankers with expertise across 14 different industries, including financial technology, healthcare and power and renewables.

Five years ago, Solomon Partners had 35 bankers covering two industry verticals.

The investment banking business has been booming thanks to surging levels of mergers and acquisitions (M&A) globally, driven by low interest rates and vast corporate cash reserves. Global M&A broke records for a second consecutive quarter this year, in the period ended June 30.

Solomon Partners also announced that Tim Shea has joined the firm from Truist Securities to become the group head of its business services practice, which works with companies that provide outsourcing, education and human resources. The investment bank is also opening a Chicago location.

Solomon Partners' recent deals include selling Bakkt Holdings LLC, a cryptocurrency platform, to VPC Impact Acquisition Holdings, a blank check company, for a value of roughly $2.1 billion. The bank also served as the financial advisor to women's retail chain Maurices Inc on its $200 million credit facility.

French financial services firm Natixis acquired a 51% stake in Solomon Partners in 2016. (Reporting by Jessica DiNapoli in New York City; Editing by Daniel Wallis)