M&A advisors ink their own IBI buyout deal
Bank of Ireland has confirmed the sale of IBI Corporate Finance to the unit's management in a deal understood to be valued at €10m.
IBI is headed by Tom Godfrey and Ted Webb, who approached the bank with their buy-out proposal and will continue to lead the business.
The firm provides advice to public, private and semi-state companies on strategic actions including mergers and acquisitions, disposals, growth capital, debt advisory and restructuring and strategic advisory projects.
IBI was ranked top corporate finance adviser in Ireland for the first half of 2017 by specialist M&A publisher MergerMarket.
The firm is expected to continue to work closely with Bank of Ireland, which originally established IBI in 1966 in a joint venture with merchant banks Morgan Grenfell and Schroders.