Barclays Appoints Three Senior Leaders in its Industrials Investment Banking Team

Rhea-AI Summary

Barclays has announced three key appointments in its Industrials Investment Banking team. Derek McNulty joins as Global Co-Head of Chemicals, Derek Davidson as Head of Americas Commercial, Residential and Industrials Services, and Jared Itkowitz as Head of Americas Transportation and Logistics. All three will be based in New York, reporting to Spyros Svoronos, Global Head of Industrials Investment Banking.

These strategic hires aim to strengthen Barclays' global Industrials franchise, which is a key component of their investment banking business. The bank has recently played significant roles in major transactions, including Koch's $3.6bn acquisition of IFCO and LATAM Airlines Group's $456mm IPO. Barclays currently ranks sixth globally in Industrials across all products, according to Dealogic data.

Positive

• Barclays strengthens its Industrials Investment Banking team with three senior appointments
• The bank's Industrials franchise ranks 6th globally across all products
• Barclays improved its ranking to 5th in Industrials Leveraged Finance globally
• Recent involvement in major transactions like Koch's $3.6bn acquisition of IFCO

Negative

• None.

Barclays appoints Derek McNulty as Global Co-Head of Chemicals, Derek Davidson as Head of Americas Commercial, Residential and Industrials Services, and Jared Itkowitz as Head of Americas Transportation and Logistics within Industrials Investment Banking

NEW YORK--(BUSINESS WIRE)-- Barclays today announces the appointments of Derek McNulty as Global Co-Head of Chemicals Investment Banking, Derek Davidson as Head of Americas Commercial, Residential and Industrials Services, and Jared Itkowitz as Head of Americas Transportation and Logistics within Industrials Investment Banking. All three are based in New York and report to Spyros Svoronos, Global Head of Industrials Investment Banking.

From left to right, Derek McNulty, Derek Davidson and Jared Itkowitz. (Photo: Business Wire)

Mr. McNulty joins Barclays with close to 30 years of experience in Investment Banking, most recently as Head of North America Chemicals at Citigroup in New York. He joined Citigroup in July 2022, having previously been a Managing Director at Jefferies in New York since the beginning of 2019. From 2006 to 2019, Mr. McNulty was with Barclays, covering strategic and financial sponsor backed chemical companies, and at the time of his departure was the Head of Americas Chemicals. Throughout his career, he has executed more than $75bn in strategic advisory mandates as well as equity and debt transactions for blue chip clients including Dow, Eastman Chemical, LyondellBasell, Westlake, Element Solutions, Chemours. Air Products and Axalta. In addition, he has extensive deal experience with top tier sponsors including Carlyle, Blackstone, Bain, HIG, New Mountain, Cerberus and American Securities. In his new role at Barclays, Mr. McNulty will work in partnership with Gabriel Gruber, Global Co-Head of Chemicals Investment Banking.

Mr. Davidson will join Barclays from Morgan Stanley, where he was a Managing Director based in New York leading coverage of companies providing commercial, residential and professional services. He has also spent time across large cap diversified industrials and building products coverage. Mr. Davidson joined Morgan Stanley in 2010, spending his first 11 years with the firm in the global services group and the last 3 years as part of the global industrials group. Throughout his career, he has experience advising corporate and financial sponsor clients on strategy, transformative M&A, defense, as well as equity and debt capital raising. During his time at Morgan Stanley, he executed transactions for notable clients including Rollins, Iron Mountain, Allied Universal, CBRE, ADP, Brightview, 3M, Divisions Maintenance Group, Hunter Douglas, Service Logic, and BGIS. In addition, he has extensive experience working with leading financial sponsors including Carlyle, Blackstone, Bain, KKR, HIG, New Mountain, Warburg Pincus, Roark, and Leonard Green.

Mr. Itkowitz has been with Barclays for over 15 years, and began his career in Equity Linked & Hybrid Solutions working in both New York and Hong Kong. In 2014, he relocated back to New York and joined the Industrials Group where he has spent the past decade covering transportation and automotive clients on a range of strategic and capital raising assignments. Mr. Itkowitz has played a leading role on a number of high profile transactions across the transportation and mobility sectors, including Rivian’s $12bn IPO, EQT Infrastructure’s $6.4bn LBO of First Student and First Transit and its subsequent sale of First Transit to Transdev, General Motors’ $10bn ASR and KAR Auction Services’ spin-off of IAA.

“We at Barclays have a leading Global Industrials franchise, which forms a key pillar within our broader investment banking business,” commented Spyros Svoronos, Global Head of Industrials Investment Banking. “These appointments demonstrate our continued investment in our platform as we work to most effectively serve our clients with best-in-class strategic advice and execution.”

Barclays has played key roles in a number of recent transactions of note in the Industrials space. These include serving as sole financial advisor to Koch on its $3.6 cash acquisition of IFCO from OCI Global; joint financial advisor and providing committed financing to TDR Capital and I Squared Capital in relation to the take-private transaction of Applus; serving as Joint Global Coordinator on LATAM Airlines Group’s $456mm IPO; and serving as Lead Left Arranger and Joint Structuring Agent on the Term Loan B, Joint Lead Bookrunner and Joint Structuring Agent on the Notes and Active Bookrunner on the Convertible Notes for JetBlue Airways’ $3.2bn Financing. Barclays’ Industrials franchise has a year-to-date global ranking of number six across all products, according to Dealogic data. This includes a ranking of number five in Industrials Leveraged Finance globally, up one place from 2023.

About Barclays Investment Bank

Our vision is to be the UK-centred leader in global finance. We are a diversified bank with comprehensive UK consumer, corporate and wealth and private banking franchises, a leading global investment bank and a strong, specialist US consumer bank. Through these five divisions, we are working together for a better financial future for our customers, clients and communities. The Investment Bank helps money managers, financial institutions, governments, supranational organisations and corporate clients manage their funding, investing, financing, and strategic and risk management needs. www.barclays.com/ib

View source version on businesswire.com: https://www.businesswire.com/news/home/20240918115978/en/

Andrew Smith

+1 (212) 412 7521

andrew.smith@barclays.com

Source: Barclays

FAQ

Who are the new senior leaders appointed by Barclays in its Industrials Investment Banking team?

Barclays has appointed Derek McNulty as Global Co-Head of Chemicals, Derek Davidson as Head of Americas Commercial, Residential and Industrials Services, and Jared Itkowitz as Head of Americas Transportation and Logistics within Industrials Investment Banking.

What is Barclays' (BCS) current global ranking in Industrials across all products?

According to Dealogic data, Barclays' Industrials franchise currently ranks sixth globally across all products.

What recent major transaction did Barclays (BCS) advise on in the Industrials space?

Barclays served as the sole financial advisor to Koch on its $3.6 billion cash acquisition of IFCO from OCI Global.

How has Barclays' (BCS) ranking changed in Industrials Leveraged Finance globally?

Barclays has improved its ranking to number five in Industrials Leveraged Finance globally, up one place from 2023.