MOMENTUM LAUNCHES
February 2005
Two of the city's best known deal makers have combined forces to form a new Corporate Finance boutique, focusing on entrepreneurial businesses in the West region.
Momentum Corporate Finance LLP has been formed by partners Tony Kenny and Rob Crews. Both were previously with accountants PwC. Tony Kenny led PwC's corporate finance business in the region until he was promoted in July 2002 to head up their TMT business in London. Rob Crews worked with PwC for more than 12 years; for the last 8 years he focused on corporate finance work in Bristol and Reading.
Tony Kenny comments, "There was a clear gap in the market for a totally independent corporate finance boutique in this region. We have been delighted that the news of the formation of Momentum Corporate Finance has resulted in a number of opportunities for us to advise leading local businesses."
Momentum Corporate Finance will concentrate on mid-market transactions, mostly in the £5 million to £100 million range. The business is based in Venturers' House in King Street, but also has serviced offices in London's Covent Garden and Park Avenue in New York.
The partners have more than twenty years combined experience of providing corporate finance advice and already they are acting for businesses across the South. This is further evidence of the growing importance of Bristol as a centre of high quality corporate advice. The market reaction to the creation of Momentum is such that they are already actively recruiting and aim to double their size by Easter, by recruiting at least two additional deal makers.
The corporate finance market is rapidly developing, with corporate finance boutiques playing an increasingly important role in the market. The Sarbanes Oxley and other independence rules make it increasingly difficult for large accountancy businesses operating in this market.
Momentum Corporate Finance offers a unique proposition for management teams. It will invest its own money in any buy-out where it is advising a management team. Tony Kenny comments: "The fact that we are willing to back up our advice with hard cash is a real comfort to management teams making, what is usually, the most important financial decision of their lives."
Kenny continued; "Investing in these deals is part of forging a long-term relationship with management teams, not only helping to get the right deal done but working with them in the long term to realise shareholder value".
Rob Crews believes that Momentum Corporate Finance may have launched at exactly the right time in the economic cycle. He commented; "We are aware of three potential management buy-out deals in the region currently underway with a value of over £100 million and several more with a value of over £50 million. It is unusual to have this number of large high quality deals in the market at once. We look forward to quickly establishing Momentum Corporate Finance as the adviser of choice by the region's entrepreneurs."