Deal Announcement


DC Advisory advises the shareholders of Louis Capital Markets and Midcap Partners in their disposal to TP ICAP

10 Jan 2020

Background

  • Founded in 1999 in New York City, Louis Capital Markets (LCM) is a leading independent financial broker covering a diversified range of OTC and exchange-listed financial products
  • With some 20 years of successful development, LCM has established its brand name globally and is led by a seasoned management team with industry-recognised top contributors
  • Alongside its core organic development, LCM launched a number of auxiliary businesses, notably through Midcap Partners – a small & mid-caps stockbroker and investment bank which has grown rapidly in recent years
  • Today, the group mostly operates in London and Paris, with secondary offices in New York, Hong Kong and Tel Aviv

Process 

  • DC Advisory was appointed by the shareholders of LCM and Midcap Partners to identify potential partners that could foster their development

Outcome

  • Following a restricted auction process, TP ICAP, the world’s largest inter-dealer broker, signed an agreement to acquire LCM and Midcap Partners for an initial consideration of $21m payable at closing
  • The deal comprised a deferred non-contingent consideration of $6m and a further $17m of deferred contingent consideration, plus additional consideration via a profit share
  • LCM and Midcap Partners will continue to operate under their own brands, and will be managed by the teams currently in place. In particular, Michael Benhamou, Patrice Cohen and Charles-Henri Berbain will remain as the top management team
  • This transaction, which is still subject to approval by regulatory authorities and other customary commercial conditions, demonstrates the strength of DC Advisory’s expertise in FIG transactions

Deal Team

Thierry Marie

Executive Director
France