FBR Capital Markets Corp, a middle-market investment bank, entered into an agreement to acquire Watch Hill Partners LLC, a boutique corporate finance advisory practice based in New York. The Watch Hill Partners team will become part of the Corporate Advisory practice within FBR Capital Markets' newly reorganized Investment Banking department. Founded in 2003, Watch Hill Partners provides mergers, acquisitions and corporate finance advice to a closely held and public companies, financial sponsors and a variety of other nvestor groups. The senior partners of Watch Hill Partners have advised on transactions valued at more than $100 billion. FBR Capital Markets also announced a reorganization of its investment banking department, which will be comprised of three primary practice areas. To complement its existing industry-focused team, the firm is integrating its capital markets group into investment banking and creating a third practice area, corporate advisory services. The reorganization of investment banking into these three areas will "create a seamless origination model for FBR Capital Markets' full suite of corporate finance capabilities, including the firm's new convertible securities, restructuring finance and advisory services and credit sales and trading products," reported the firm. In addition to continuing in his position of executive vice president and head of investment banking, James C. Neuhauser, CFA, will now also serve as chairman of the newly formed investment banking management committee. James R. Kleeblatt has been promoted to vice chairman of FBR Capital Markets & Co. and will continue to lead the equity and debt capital markets functions. David Knowlton will become vice chairman of investment banking and head of the corporate advisory practice. Kenneth P. Slosser is senior managing director, group head of financial institutions. Joseph R. Nardini is senior managing director, group head of diversified industrials. Terms of the Watch Hill transaction, which is expected to close in the third quarter of 2009, were not disclosed. Watch Hill Partners was represented by Keefe, Bruyette & Woods and Herrick, Feinstein LLP.
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