Clearwater, one of the UK’s leading corporate finance and M&A advisory firms, has been acquired by American investment bank KeyBanc Capital Markets. Terms of the deal have not been disclosed.
Founded in 2002 by experienced corporate finance advisers Michael Reeves and Phil Burns, Clearwater has a team of over 135 people working across offices in Birmingham, Leeds, Manchester and London. The firm specialises in middle-market transactions including acquisitions, divestments, and debt advisory, working with corporates, mid-sized businesses, and private equity firms.
Mark Taylor, Chief Executive Officer at Clearwater, said that the deal sees KeyBanc Capital Markets acquire the UK partnership only. The consulting firm will continue to be affiliated with the global Clearwater network, but will remain financially independent.
“This is a significant milestone for Clearwater’s growth story in the UK,” Taylor said. “Having partnered with KeyBanc Capital Markets for many years, we are confident that both organisations know each other well and that our values and cultures closely align. Importantly, our service offering to clients and core market will remain unchanged, only enhanced.”
The collaboration with KeyBanc Capital Markets goes back to 2020, when the two companies signed a multi-year partnership. “Our years of collaboration have generated significant value for clients on both sides of the Atlantic,” said Randy Paine, President at KeyBanc Capital Markets. “This transaction is the natural next step in the relationship and directly supports our growth strategy.”
For KeyBanc Capital Markets, the transaction marks its entry into the Western European market, expanding its ability to provide financial advisory services to its clients.
The combined KeyCorp-Clearwater platform will offer US-based private equity sponsors and corporate clients access to European acquisition targets and exit strategies, while providing European clients with access to the American M&A market.
Unsurprisingly, the transaction was led by M&A teams at KeyBanc Capital Markets and Clearwater, keeping things firmly in-house and off the radar from any industry rivals. Legal counsel on the deal was provided by Davis Polk & Wardwell and Browne Jacobson.
With assets of approximately $189 billion, KeyCorp is one of the largest bank-based financial services companies in the US. Its M&A business, operating under the KeyBanc Capital Markets label, has over the past five years closed over 400 deals across eight industry verticals.
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