ROLE/FIRM: Managing Director at Imperial Capital LLC
FOCUS: Investment Banking
- Quick basics – role/firm/focus?
I am a Managing Director at Imperial Capital LLC and lead up of our financial sponsors as well as our healthcare coverage effort. I have been with Imperial since 2011, and prior to that I was at UBS Securities for 13 years, spending most of my time in healthcare M&A. I have been a member of ACG New York since 2012, and have been on the Board since September 2016.
- What do you think are the biggest obstacles in the middle market today?
Well, depending on what side of the coin you are on, some of the biggest obstacles are valuations and quality of assets available for sale, which is probably not surprising to many folks. Lots of capital (both debt and equity), low interest rates and lofty public equity market values will do this. We are seeing many “B” or below-rated assets commanding “A+” prices in sale processes, a trend that has continued for a while now. So if you are on the sell side, that’s good news. For those on the buy side, it will be interesting to see how those investments pan out in the future.
- How has ACG helped you in your career?
ACG has clearly helped me expand my professional network. Whether it be private equity firms, other bankers, lenders, lawyers, accountants or other deal professionals, my network has absolutely exploded since becoming actively involved in ACG.
- Can you tell us about your greatest success story/ proudest achievement in association with ACG?
First thing that comes to mind is being the reigning champion for cornhole at the ACG New York Dealmaking on the Beach event, where I haven’t lost a match in two years. Other than that, I would say having re-built the dormant financial sponsor practice here at Imperial. Since I took over about 5 years ago, we have been involved in over 60 M&A advisory and debt financing transactions involving private equity firms.
- What changes do you foresee happening in the middle market in the next 3-5 years?
I wish I could tell you with some certainty what will happen over the next few weeks, never mind the next 3-5 years. That being said, trees do not grow to the sky, so I think its safe to say there will be some pull back and cooling off in that market during that time period.