Morgan Schiff & Co.
| Company type | Private |
|---|---|
| Industry | Investment banking, Private equity |
| Founded | 1984 |
| Founder | Phillip Ean Cohen |
| Defunct | 2004 |
| Fate | Ceased operations following bankruptcy of portfolio company Friedman's Inc. |
| Headquarters | New York City , United States |
Key people | Phillip Ean Cohen (Founder) |
| Products | Mergers and Acquisitions advisory, Private Equity |
Morgan Schiff & Co. was an investment firm established by Phillip Ean Cohen and gained recognition as a prominent player in Mergers and Acquisitions and Private Equity from the mid-1980s through the late 1990s. The company ultimately shut down following the bankruptcy of Friedman's Inc., which remains the largest jewelry industry bankruptcy recorded.
Although the firm's name paid homage to Jacob Schiff and J.P. Morgan, it maintained no formal connection to either individual.
History
Following a leadership dispute with Jeff Beck, Phillip Ean Cohen departed from Oppenheimer & Co. to launch his own enterprise. Despite receiving an offer of $1 billion in initial capital from Michael Milken, Cohen chose to decline the proposal. Morgan Schiff began as the Private Equity division of Drexel Burnham Lambert, situated directly below Milken's office. Cohen selected the firm's name to reflect legendary Wall Street financiers, aiming to revive a client-focused advisory style reminiscent of J.P. Morgan and Jacob Schiff. Utilizing his expertise in Mergers and Acquisitions, Cohen attracted clients from his former employers including Kuhn Loeb, Lehman Brothers, First Boston, Oppenheimer, and Drexel. One of the earliest significant engagements was with Zale Corporation, which retained Morgan Schiff for a $500 million merger—marking the firm’s inaugural major deal.
By 1986, Morgan Schiff had grown to 12 employees and two partners, ranking it among the top 50 global M&A firms. The company expanded its footprint by opening a San Francisco office. Nevertheless, its expansion was curtailed when portfolio company Friedman's Inc. declared bankruptcy after an SEC investigation uncovered misleading actions by its CEO and CFO related to short-term customer loan liquidity. Ultimately, Morgan Schiff ceased operations in 2004.
Before launching his own gallery, art dealer Andy Valmorbida was employed at Morgan Schiff.
Former Portfolio Companies/Clients
- Zale Corporation
- Friedman's Inc.
- EZCorp
- Crescent Jewelers
- Farm Journal
- AgWeb
- Petro
- Tab Products
- Hamilton Sorter
- Pietrefesa Corporation
- Telecom Corporation
- Rthport
- Cherry Tree
- Maxcell
- Triboro
- AMC Theatres
External links
- Drexel Burnham Lambert
- American companies established in 1984
- Financial services companies established in 1984
- Financial services companies disestablished in 2004
- Former investment banks of the United States
- Private equity firms of the United States
- Defunct companies based in New York City
- 2004 disestablishments in the United States