Derick Pitts has left Houlihan Lokey to head a corporate restructuring team at Peter J. Solomon Company (PJSC), Bloomberg reported Monday (6 June). A PJSC representative confirmed that Pitts is scheduled to begin as head of the restructuring group in the fall.
Pitts, who did not return calls seeking further comment by press time, spent 15 years at Houlihan, where he was managing director in the financial restructurings group. According to his profile on the Houlihan website, he advised clients including Enron, Quicksilver, American Apparel and others on matters relating to restructurings, capital markets, M&A and special situations.
Bloomberg reported that hiring Pitts will help to strengthen the restructuring practice at PJSC after the departure of team head Durc Savini and managing director Ajay Bijoor, who both left PJSC to join Guggenheim Partners in March.
A Houlihan representative declined to comment on plans to replace Pitts.
Houlihan Lokey is a global investment bank founded in 1972 specialising in mergers and acquisitions, capital markets, valuation, financial restructuring and strategic consulting. The firm maintains offices throughout North America, Western Europe and Asia.
Peter J. Solomon Company provides investment banking advisory services across various industries including retail, technology, energy, healthcare and other areas. The firm's restructuring and recapitalisation practice advises debtors, creditors, equity committees, governments, labor unions and other claimants. Founded in 1989, the New York-based firm has 70 employees.