Peter J. Solomon Co. has appointed Derek Pitts managing director and head of the firm’s restructuring and recapitalization practice, and S. Daniel Gissinger as a director within the same practice group.
The two join longtime Peter J. Solomon managing director Anders J. Maxwell in the restructuring practice. Pitts was formerly at Houlihan Lokey, where he was managing director in the financial restructuring group. Gissinger was a director at Houlihan Lokey until 2015, when he joined Heritage Global.
Pitts has represented debtors and creditors in the areas of restructuring capital markets, mergers and acquisitions and special situation engagements. He is also experienced in cross-border financial restructurings in Europe and Latin America. Some of his past clients include Enron Corp., Lionel Trains, YRC Worldwide, Barneys New York, The Wet Seal Inc., Radio Shack, American Apparel, Quiksilver and Deb Shops. Pitts and Gissinger worked together at Houlihan for close to 10 years.
Peter J. Solomon, the firm’s founder and chairman, and Marc S. Cooper, the investment bank’s chief executive officer, said that the firm has advised on some of the largest and most complex restructuring transactions, and over that time, “We’ve had the opportunity to observe Derek’s insights and the creative solutions he’s delivered on key restructuring mandates…. As companies contend with a difficult operating environment, with Derek and Dan on board, along with the rest of our advisory team, we are able to provide clients crucial guidance with respect to their restructuring, recapitalization and other troubled-company situations.”
The investment bank has been expanding in different practice areas, due in part to continued growth of the firm and because of new opportunities following the sale of a 51 percent stake to French investment bank Natixis in February. That move has benefited both firms as the U.S.-based Peter J. Solomon was looking to expand overseas, while the French firm was eyeing an entry into the U.S. mergers and acquisitions market.