Word: perella
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Dates: during 1980-1989
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Even before Black Monday, the First Boston investment firm's go-go days had gone. In late 1986 the company's traders lost $100 million in the Treasury bond market. Last February the firm's prized merger-and-acquisition specialists, Bruce Wasserstein and Joseph Perella, defected to start their own firm, taking 16 staffers with them...
...realizing that goal last week, stunning Wall Street with a move to become a major player in the U.S. mergers-and- acquisitions game. The company said it was paying $100 million for 20% of the hot, new Manhattan investment firm started six months ago by Bruce Wasserstein and Joseph Perella, the Wall Street wizards who built First Boston's merger department into one of the best in the business and then left to strike out on their...
Wasserstein, Perella has already managed about $19 billion worth of mergers and acquisitions, including the $6.6 billion purchase of Federated Department Stores by Canadian Developer Robert Campeau. Teaming up with the U.S. firm, Nomura can gain expertise in merger making and help its Japanese clients acquire U.S. companies. For Wasserstein, Perella the deal provides both an infusion of capital and global connections. Says Perella: "No other single alliance could give us the comprehensive reach that the Japanese connection we have with Nomura could...
...Maher and Bott will be hard-pressed to match their predecessors' style or accomplishments. In boardrooms from Pittsburgh to Palm Beach, the two men seemed an unlikely pair. Perella, a lanky 6 ft. 6 in., with an affable demeanor, towers over the rounder, more combative Wasserstein. But since the duo began building First Boston's mergers department in the mid-1970s, they have brought their firm into some of the most famous and infamous deals of the decade. In one case, the team was all too effective in helping Texaco beat rival Pennzoil in a battle to acquire Getty...
Despite their profit-making ability, Wasserstein and Perella were unable to resolve a basic tension between the competing demands of First Boston's investment-banking and trading departments. During the bull-market days of the early 1980s, trading departments grew in size and influence because of their steady profit stream. But since traders are now risking large amounts of capital in increasingly volatile markets, investment bankers argue that the money would be better spent to finance ventures that lately have produced more reliable income. Dealmakers like Wasserstein and Perella are especially eager to become merchant bankers, who use their...