PwC is increasing its capabilities to advise businesses on raising capital and re-finance existing loans with the appointment of one of the industry’s leading figures.
Nick Atkinson, who starts as a partner in the firm today (20 June), is heading up an expanded business unit, which will advise on capital structuring options for mid-sized and large businesses. PwC is also making two further partner hires into the group with John Williams and David Godbee both joining the firm today. Both are highly experienced leveraged finance practitioners who have worked at a number of investment banks. Nick Carmichael also joins the team at director level.
Most recently, Atkinson headed the European Leveraged Finance team at Royal Bank of Canada (RBC), which he established in 2008. Prior to RBC Nick held a number of senior positions in the market, including running the European Leveraged Finance business at CIBC World Markets and the UK Leveraged Finance team for Crédit Agricole CIB.
The debt advisory team will be targeting businesses seeking to re-finance their capital structure (as well as those looking to raise new capital) using PwC’s reach and product suite to deliver financial solutions to business. His work will be focussed on listed and private companies, the financial sponsor community and management teams running levered businesses. The debt advisory team will link closely with PwC’s restructuring capabilities.
Atkinson, says: “With so much recent stress on the system, this is an exciting time to be joining a firm which is able to provide a broad range of solutions in combination with a truly global advisory reach and a strong M&A franchise.
“There are several hundred billion euros of legacy leveraged loans maturing to 2016 where good advice can make a significant impact to returns. Solutions are out there, but they exist in smaller, more concentrated pools than in the recent past. PwC has the contacts which will allow us to provide options to businesses, whatever the nature of the capital problems they face.”
Kevin Ellis, PwC advisory leader, says: "This is a significant investment for us. It reflects the issues we foresee in the debt markets as well as the funding challenges and opportunities companies will face over the coming years.”
