Derek Pitts, a restructuring executive at investment bank Houlihan Lokey Inc., is leaving to join boutique firm Peter J. Solomon Co., where he’ll head up a team focused on corporate restructurings.
Pitts will be starting at Peter J. Solomon in September after more than 15 years at Houlihan, where he served as managing director, according to a letter obtained by Bloomberg News. He has advised on the restructuring of companies including RadioShack Corp., Wet Seal Inc., Quiksilver Inc. and YRC Worldwide Inc., according to Houlihan’s website.
The move will help Peter J. Solomon build up the practice after losing at least two senior restructuring bankers to Guggenheim Partners LLC. Durc Savini, who was head of Peter J. Solomon’s restructuring team, and Ajay Bijoor, a managing director focused on retail and media, both switched firms earlier this year.
“We’re excited about Derek Pitts’s arrival at Peter Solomon Co. in September and look forward to having him on board,” spokeswoman Diane Coffey said.
John Gallagher, a spokesman at Houlihan, confirmed Pitts’s departure but declined to comment further. Pitts, 48, declined to comment.
In addition to focusing on the retail industry, Peter J. Solomon handles media, energy and health care. In February, Natixis SA, the French investment bank, said it had agreed to buy a majority stake in the firm to tap growth in the U.S.