Investment Banker John LaVoie Joins Citigroup

By David French

(Reuters) – Investment banker John LaVoie is joining Citigroup to head its U.S. West Coast private equity deal-making unit, according to an internal memo seen by Reuters on Tuesday.

LaVoie, who has covered buyout firms for 24 years, will be based in San Francisco and report to Michael Marcus and Michael Quadrino, the co-heads of Citi's global asset managers unit in North America.

He joins the New York-based bank from Wells Fargo, where he was responsible for growing its private equity M&A business on the West Coast. Prior to that, LaVoie worked at JPMorgan Chase and RBC Capital Markets, advising on deals involving buyout firms.

> "John's combination of skills and deep relationships in the large West Coast sponsors market will add to (our) strong momentum and enhance Citi's impact with client segments, particularly those in tech and healthcare," Marcus and Quadrino stated in the memo.

A spokesperson for Citi confirmed the contents of the memo.

The latest hire comes at a time when buyout firms, armed with tens of billions of dollars, are preparing to deploy capital and ramp up deal-making as the U.S. Federal Reserve has started cutting interest rates.

Lower rates bode well for private equity firms, whose debt-fueled buyouts were heavily impacted by the Fed's aggressive rate hikes post-pandemic to combat inflation.

For the quarter ending September 30, global private equity-led buyouts surged 42%, compared to the same period last year, according to Dealogic data.

Notable private equity deals that Citi has advised on recently include Elliott Investment Management's $7.3 billion bid for Citgo Petroleum, and Lone Star Funds' $3 billion acquisition of the commercial and residential fire business of Carrier Global.