Miller Buckfire, Sal. Oppenheim enter strategic collaboration agreement

By Caroline Salls

Pittsburgh, April 16 - Miller Buckfire & Co., LLC and Sal. Oppenheim Jr. & Cie. KGaA have entered into a strategic collaboration agreement, under which Miller Buckfire and Sal. Oppenheim will work together on an exclusive basis to provide financial restructuring advisory services in Germany, Austria and Switzerland, according to a news release.

In addition, Sal. Oppenheim has acquired a 10% equity interest in Miller Buckfire for an undisclosed amount.

According to the release, Miller Buckfire also intends to develop a principal investment business focused on undervalued opportunities in which the German firm will become a seed investor.

Also under the terms of the strategic collaboration agreement, Miller Buckfire and Sal. Oppenheim will work together to offer merger and acquisition advisory services for cross-border transactions between North America and the German-speaking countries.

"Our strategic alliance with Sal. Oppenheim marks a major milestone in our firm's continued growth, as it will enable us to expand our geographic footprint into Europe," Miller Buckfire chairman Henry S. Miller said in the release.

"By leveraging our position as the leading U.S. provider of financial restructuring services and Sal. Oppenheim's extensive investment banking relationships in Germany, Austria and Switzerland, we plan to develop the top debtor advisory practice in Europe.

"We also believe that by working together, our two firms can fill a market need for superior M&A advice and execution to companies pursuing cross-border transactions in the U.S., Germany, Austria and Switzerland," Miller added in the release.

Dieter Pfundt, personally liable partner responsible for investment banking at Sal. Oppenheim, said in the release "Our strategic alliance with Miller Buckfire strengthens the range of advisory services provided by our investment bank significantly and underlines our market position as a leading investment bank for the German-speaking countries."

Pfundt has joined the board of directors of MB Advisory Group, LLC, the parent of Miller Buckfire, the release said.

Miller Buckfire is a New York-based investment bank.

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