Boutique chief joins the big league
THE £86m sale of Andrew Sibbald’s 11-year-old boutique Lexicon to US adviser Evercore is a reward for years of work growing both its track record and reputation.
Sibbald, believed to own about 10-15 per cent of Lexicon’s equity, is in line for a windfall of an estimated £9-£12m in cash and shares as he, 27 partners and 72 employees share the full sum.
His dealmaking for the City’s insurers and fund managers is highly regarded: the flotation of motor insurer Admiral in 2004, advised by a Lexicon team led by Sibbald, valued the firm at £711m rather than the expected £600m and bagged him the ICAEW Corporate Financier of the Year award.
His growth strategy at Lexicon has seen it open US and Asian offices and grow its staff to 100 while retaining the freedom of an independent adviser. With Evercore as Lexicon’s new owner, Sibbald’s reach should extend still further.